Mumbai

The RBI has issued a circular to all banks for introducing the Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.

Until now CoF token could only be created through merchant’s application or webpage. With the RBI issuing the circular to banks on Wednesday, the CoF token creation facilities are being made available directly at the issuer bank level.

It has been decided to enable Card-on-File Tokenisation (CoFT) directly through card-issuing banks/institutions also. This will provide cardholders with an additional choice to tokenise their cards for multiple merchant sites through a single process, the RBI said. The circular has been issued to all payment system providers and payment system participants. RBI introduced Card-on-File Tokenisation (CoFT) in September 2021 and began implementation from October 1, 2022. So far, over 56 crore tokens have been created on which transactions with value of over Rs 5 lakh crore have been undertaken. Tokenisation has improved transaction security and transaction approval rate, according to the central bank.

Ashok Leyland Bags Orders For 552 Buses From TN Transport Corporation

Chennai

Commercial vehicles major Ashok Leyland Ltd on Thursday said it has bagged an order for 552 ultra-low entry buses from Tamil Nadu State Transport Corporation (TNSTC).

The company has been a long-standing supplier of TNSTC with more than 18,477 of its buses operational in its fleet. According to Ashok Leyland, the project is funded by the German Development bank (KfW).

Ashok Leyland will commence the delivery of these buses within the next few months, marking its commitment toward the growth and development of sustainable and inclusive mobility solutions. Meanwhile at the bourses, Ashok Leyland’s scrip is changing hands at about Rs 169.95 after closing at Rs 170.05 on Wednesday.