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.