As per the Reserve Bank of India (RBI), tokenisation refers to replacement of actual card details with an alternate code called the "token", which shall be unique for a combination of card, token requestor and device.

Ever since the 140 bps hike in benchmark repo rates, weighted average lending rates on outstanding loans have risen 29 basis points, but weighted average rates on outstanding deposits has gone up by only 19 bps, according to the latest data released by the Reserve Bank of India

​​The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday. The three-year MCLR stands at 8 per cent, up by 0.05 per cent.

The banks also updated the ministry on their positions on the accounts being transferred to bad bank or National Asset Reconstruction Company of India Ltd, said the executive. adding that the government is keen that the entity kick-start its operations.

Kotak Mahindra Bank said that the instances reported as fraud also include phishing, vishing, skimming and other such activities and even pointed out that 97 per cent of the 5,278 cases were card related frauds which occurred due to "customers unwittingly compromising their credentials".

Credit growth to industry accelerated to 10.5 per cent in July 2022 from 0.4 per cent in July 2021. Size-wise, credit to large industry grew by 5.2 per cent against a contraction of 3.8 per cent a year ago. Medium industries recorded credit growth of 36.8 per cent in July 2022 as compared with 59.0 per cent last year, while credit growth to micro and small industries accelerated to 28.3 per cent from 10.5 per cent during the same period.

Loans to agriculture and allied activities went up 13.2 per cent in July 2022 from 11.1 per cent in the year-ago period, it said. Credit to industry grew by 10.5 per cent in July 2022 from 0.4 per cent in the same month a year before.

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