Cholamandalam Finance joins consortium for Retail Payments
The financial services arm of Murugappa Group, Cholamandalam Investment and Finance Company Limited (Chola) joins a consortium Vishwakarma Payments Pvt. Ltd. The consortium has applied New Umbrella Entity license for Retail Payments with RBI.
RBI has set up a framework that authorizes pan-India Umbrella Entities that will focus on retail payment systems, to fuel a less-cash and more-digital micro-payments economy. The interoperable infrastructure will be serving banks and non-banks and will also allow innovative use-cases to solve the depth, width, and diversity of small businesses and consumers in the country. The consortium will be focussing on building an agile platform for smooth digital payments.
The company, Vishwakarma Payments was incorporated under the Companies Act, 2013. Other financial companies like Zerodha, FSS, RazorPay, Airpay, Zoho, and Ujjivan are also part of the consortium with Cholamandalam Finance.
Cholamandalam Investment and Finance Company Limited (Chola) was established in the year 1978 as the financial services arm of the Murugappa Group. The company started its business as an equipment financing company and it has now emerged as a comprehensive financial services provider that offers home loans, vehicle finance, SME loans, investment advisory services, home equity loans, stockbroking, and several other financial services to customers.
Cholamandalam Investment and Finance Company Limited (Chola) operates from 1135 branches all over the country, especially in smaller towns, with assets under management above INR 75,000 Crores. It has a growing clientele of more than 16 lakh happy customers across India. The company employs over 7,000 employees and also has about 16,000 people who assist in several business activities.
Chola aimed at enabling customers to enter into a better life. Since the company’s incorporation and throughout its journey till now, the company has kept up with its core values which are strictly adhering to responsibility and ethics to all who come within its corporate ambit – shareholders, society, customers, and employees.