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Cholamandalam Investment and Finance Company announced that it is one of the companies participating in a consortium of Vishwakarma Payments, that has applied for a new umbrella entity license for retail payments with RBI. RBI has set up a framework to authorise pan‐India Umbrella Entities that will focus on retail payment systems and fuel a less‐cash and more‐digital micro‐payments economy. 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. ....
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. ....
Moneycontrol Daily: Your Essential 7 [content][quote]Big Story [/quote][title]India s GDP at 0.4% [/title][circularimage][/circularimage][body] India s gross domestic product (GDP) has finally entered the positive. For the third quarter, it is at 0.4 percent, indicating a marginal expansion after shrinking in the previous quarters. Here are eight key takeaways from the data that you need to know about. [/body][/content] Today: In line with the Prime Minister s clarion call for an Aatmanirbhar Bharat , India s first virtual toy fair is set to begin, with Hamleys as the title sponsor for the event. Tomorrow: [/body][/content] [content][quote]Market Buzz [/quote][title]Sixth-biggest single-day fall for Sensex[/title][body] ....