Reserve Bank of India raised the repo rate 25bps to 5.50% — its first hike in four years — and shifted policy stance from "neutral" to "calibrated tightening". Governor Sanjay Malhotra said this signals entry into a "relatively mild" tightening cycle. The Indian rupee slid as much as 0.4% to 96.85 per US dollar on Wednesday, the worst-performing Asian currency that day and approaching May’s record low of 96.9650; traders said the 25bp hike and the absence of more aggressive liquidity tightening

The Federal Reserve plans a comprehensive overhaul of U.S. bank supervision, shifting oversight away from regional Reserve Bank presidents toward a Washington-led structure, Vice Chair for Supervision Michelle Bowman said on Tuesday. The proposal would create five supervisory geographic regions, each led by a regional head accountable for all supervisory activity in that region, while examination work would remain performed by regional Reserve Bank staff. Bowman said the change aims to strengthen accountability and clarify decision authority. The Fed will also consider later this year adjusting the asset-size thresholds that trigger stricter regulatory requirements.

NASA will announce a bulk procurement of rocket launch services to support its roughly $30 billion programme to build a permanent lunar base for long-term human habitation and operations. The move signals a new procurement approach. With commercial space demand rising and the industry facing launch-capacity constraints, NASA seeks to pre-empt bottlenecks by purchasing multiple types of launch services in advance to broaden options for future cargo deliveries to the lunar surface.