Cholamandalam Investments joins NUE consortium Viswakarma Payments
By IANS |
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Chennai, April 6 : Cholamandalam Investment and Finance Company Ltd on Tuesday said it is one of the companies participating in a consortium - Vishwakarma Payments Pvt Ltd - that has applied for the New Umbrella Entity (NUE) license for Retail Payments with the Reserve Bank of India (RBI).
Non-banking finance company (NBFC) Cholamandalam Investment is part of the city-based Murugappa Group.
With aspirations to fuel a less-cash and more-digital micro-payments economy, the RBI has set up a framework to authorise pan-India umbrella entities that will focus on retail payment systems.