Cholamandalam Investment part of Vishwakarma consortium for NUE licence

The others in the consortium are Financial Software and Systems (FSS), Zoho, Zerodha, Razorpay, Ujjivan Small Finance Bank, and Airpay

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.