The head of India’s central bank abruptly resigned on Monday in the midst of a bruising battle with the prime minister over the institution’s independence and the future direction of the country’s financial sector, the Financial Times reported. Urjit Patel’s exit comes just days ahead of what was likely to be a contentious meeting of the Reserve Bank of India’s governing board, where Prime Minister Narendra Modi’s demands for looser financial and monetary policies were scheduled for debate.

Vijay Mallya, the fugitive Indian tycoon fighting multiple cases in the U.K. after defaulting on loans, lost a bid to avoid extradition to his home country where he faces charges of fraud and money laundering, Bloomberg News reported. Judge Emma Arbuthnot ruled against Mallya at a hearing in London Monday, largely rejecting Mallya’s arguments that the case was politically motivated. "I do not accept the courts in India are there to do what the politicians tell them what to do," Arbuthnot told a packed courtroom.

Flows to India’s money funds hit a three-month high in November as calm returned to the credit market recently roiled by a rare debt default, Bloomberg News reported. Investors poured a net 1.4 trillion rupees ($20 billion) into liquid plans in November, industry data show. The inflow is the highest since August, a month before the funds suffered the worst outflows since at least 2007 amid defaults at the IL&FS Group. “Worries after that credit event are abating and people are returning to money markets,” N.S.

Jet Airways Ltd and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter told Reuters on Wednesday. Executives of the airlines met State Bank of India officials in recent days to discuss Jet's cash flow and business plan, two of the people said, the International New York Times reported on a Reuters story. One said Jet has outstanding dues of about $400 million (314.29 million pounds), mainly owed to lessors and vendors.

Etihad Airways is holding talks with Jet Airways Ltd and its bankers on a rescue plan for the debt-laden Indian carrier, two sources aware of the matter told Reuters. Executives from Etihad and Jet have met some of the airline's bankers in Mumbai in recent days to discuss ways to address its cash flow issues and evaluate the carrier's future business plan, the sources said.

Corporate treasury departments in India have become so concerned about credit risk they’re increasingly parking their cash in securities maturing overnight. Assets with overnight funds soared to 123 billion rupees ($1.8 billion) last month, from 39 billion rupees in September, as companies chose safety over returns in the wake of a rare debt default, data from Morningstar Investment Adviser India Pvt. show, Bloomberg News reported.

India’s massive pile of bad business debt has kept asset-reconstruction companies busy in recent years. But as signs emerge that the supply of such assets may be leveling off, the nation’s largest buyer of bad loans is considering a rare move to start purchasing soured consumer debt, Bloomberg News reported. Edelweiss Asset Reconstruction Co. is setting up a team for that and seeks to start purchases in 2019, Chief Executive Officer Raj Kumar Bansal said in an interview. “Corporate non-performing assets have plateaued,” Bansal said.

India’s economy grew at a much slower pace than economists expected last quarter, giving the central bank more reason to keep interest rates unchanged this week, Bloomberg News reported. After breaking through the 8 percent mark in the quarter through June, growth eased to 7.1 percent in the three months through September -- lower than almost all the estimates in a Bloomberg survey -- as back-to-back rate hikes in June and August, a funding squeeze and subdued growth in farming put a brake on the world’s fastest-expanding economy.

India’s foreign ministry is investigating claims by expatriates in Ethiopia who say they are being held hostage by local staff that haven’t been paid after the shadow lender Infrastructure Leasing and Financial Services Ltd. began defaulting on $12.6 billion in debt, Bloomberg News reported. Seven Indian workers from infrastructure financing firm IL&FS, which rocked financial markets after it began missing debt payments in late August, have been detained since Nov.

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted and initiated insolvency proceedings against Mumbai-based Ariisto Developers and has appointed an interim resolution professional (IRP) to manage the company, The Economic Times reported. NCLT has asked other lenders to file their claims against Ariisto Developers by the first week of December.