Cholamandalam Investment and Finance Company (Chola), the financial services arm of over Rs 38,000-crore Murugappa Group, on Tuesday announced that it has joined the consortium — Vishwakarma Payments — that has applied for an new umbrella entity (NUE) licence for retail payments from regulator Reserve Bank of India (RBI).
FSS, Zoho, Zerodha, RazorPay, Ujjivan and Airpay are also part of the Vishwakarma Payments consortium. 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. Chola operates from 1,135 branches across India with assets under management above Rs 75,000 crore.