Cholamandalam Finance Joins a Consortium for Retail Payments

CHENNAI:
Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of Murugappa Group, today announced that it is one of the companies participating in a consortium – Vishwakarma Payments Pvt. Ltd., that has applied for an NUE (New Umbrella Entity) license for Retail Payments with RBI.

With aspirations to fuel a less-cash and more-digital micro-payments economy, RBI has set up a framework to authorise pan-India Umbrella Entities that will focus on retail payment systems. The interoperable infrastructure will cater to banks and non-banks and enable innovative use-cases to solve the diversity, depth and width of consumers and small businesses in India. The consortium expects to focus on building an agile platform for seamless digital payments.

Vishwakarma Payments is a Company incorporated in India under the Companies Act, 2013. FSS, Zoho, Zerodha, RazorPay, Ujjivan and Airpay are also part of the Vishwakarma Payments consortium along with Chola.