The tilt towards India, forecast to be the fastest-growing major economy next year, underscores how private banks are seeking to diversify revenue streams. In China, which led a boom in Asia’s wealth, a crackdown on a broad swath of industries and delayed reopening after Covid Zero have left clients nursing losses and reluctant to trade.

"Reliance Infratel transaction is complete. Jio has deposited Rs 3,720 crore in a SBI escrow account as directed by NCLT," a source told PTI.

Last week Bloomberg reported that Elon Musk’s bankers are considering providing the billionaire with new margin loans backed by Tesla Inc. stock to replace some of the high-interest debt he layered on Twitter Inc., according to people with knowledge of the matter.

Indian realty sector has seen many builders going bust over the years, leaving home buyers in a fix due to the uncertainty of completion and delivery of houses that their life savings were tied up in. Under the current norms, admission into insolvency procedure halts the completion of all projects of the developer in default.