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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Axis is planning to take a 10% stake for around $9 million in the start-up's upcoming life insurance business, effectively valuing the business at $90 million, said the two sources, who declined to be named as the talks were private. The move comes after India's biggest private lender HDFC Bank said in a stock exchange disclosure last week that it planned to buy a 9.94% stake in Go Digit Life for up to 700 million rupees ($9 million).

The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021.

Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above.

The deal was announced in March this year. Despite Citi losing market share on credit cards in India, Axis Bank says attrition of employees and customers in the business it was acquiring was within manageable limits.