Murugappa Group-led Cholamandalam Finance joins a consortium for Retail Payments; Stock ends 7% up

RBI has set up a framework to authorise pan-India Umbrella Entities that focuses on retail payment systems.

Apr 07, 2021 03:04 IST India Infoline News Service

Cholamandalam Investment
Murugappa Group-led financial service arm, Cholamandalam Investment and Finance Company (Chola) has announced that it is one of the companies participating in a consortium - Vishwakarma Payments Private Limited, that has applied for an NUE (New Umbrella Entity) license for Retail Payments with RBI.

RBI has set up a framework to authorise pan-India Umbrella Entities that focuses on retail payment systems.

Chola stated that 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.

Further, Chola said that the consortium expects to focus on building an agile platform for a seamless digital platform.

Notably, FSS, Zoho, Zerodha, RazorPay, Ujjivan and Airpay are also part of the Vishwakarma Payments consortium along with Chola.

On Sensex, Chola stock closed at Rs576.25 per piece up by 6.82%. 

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