International Credit Ratings: S&P Global has issued IDFC FIRST Bank its inaugural investment-grade ratings (BBB- long-term, A-3 short-term, stable), a move aimed at boosting global investor confidence and access to funding tools like SBLCs and FCNR(B) deposits. Cross-Border Funding & Hedging: The RBI is closing its concessional diaspora-deposit forex swap hedging window early (after Aug 31), a change that could pressure Indian bond sentiment as oil prices firm. Capital Markets: Alphabet has hired banks for its first Australian dollar bond deal, signaling continued tech demand for local-currency funding as AI spending squeezes cash flows. Retail Banking Pressure (Australia): NAB says higher rates, Labor tax changes, and Middle East disruption are weighing on customers; meanwhile, all four big banks report double-digit home-loan application declines and rising mortgage stress. Policy on Loan Benchmarks: The RBI’s draft framework would require borrower consent before lenders switch loan benchmarks, with safeguards to prevent higher rates or extra fees from the migration. Payments Economics (India): India is considering allowing banks and payment firms to charge large merchants for UPI via an MDR, while keeping person-to-person and small-merchant transactions free. Fraud & Risk: A Japanese payments firm, Zentoshin, is linked to a reported $695.6m fraud against banks through loans backed by fraudulent statements.