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.
But experts have suggested that at least two licenses for setting up an NUE for retail payments are up for grabs.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.