Market trades in range; breadth strong business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
The financial services arm of the Muragappa group, Cholamandalam Investment and Finance Company, on Tuesday said it is part of the Vishwakarma Payments consortium which has submitted an application for the New Umbrella Entity license. The others in the consortium are Financial Software and Systems (FSS), a leading provider of payment products and processors, Zoho, Zerodha, Razorpay, Ujjivan Small Finance Bank, and Airpay. At least six consortiums are in the fray to bag the coveted license to set up a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. The deadline to file an application ended on March 31, 2021. So far, it is not known how many licences are on offer.
Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
Track the industry of your choice with a daily newsletter specific to that industry.
Stay on top of your investments. Track stock prices in your portfolio.
NOTE :
This product is a monthly auto renewal product.
Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.
Cholamandalam Investments joins NUE consortium Viswakarma Payments
By IANS |
5 Views
Govt lines up PSUs for share buyback as disinvestment falters.. Image Source: IANS News
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.
Cholamandalam Finance joins a consortium for retail payments
Posted On: 2021-04-06 10:20:13 (Time Zone: Arizona, USA)
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.