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Cholamandalam Finance joins consortium for retail payments

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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.

Vishwakarma Payments is a company incorporated in India under the Companies Act, 2013. FSS, Zoho, Zerodha, RazorPay, Ujjivan and Airpay are also part of the Vishwakarma Payments consortium along with Cholamandalam Investment and Finance Company.

Cholamandalam Investment and Finance Company's consolidated net profit rose 5.3% to Rs 409.79 crore on a 10.1% surge in total income to Rs 2,520.48 crore in Q3 FY21 over Q3 FY20.

Cholamandalam Investment and Finance Company, the financial services arm of Murugappa Group, is a diversified non-banking finance company engaged in providing vehicle finance, home loans and corporate mortgage loans, small and medium enterprises (SME) loans, investment advisory services, stock broking and a range of other financial services.

Shares of Cholamandalam Investment and Finance Company rose 0.39% to Rs 541.55 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, April 07 2021. 09:46 IST