Chennai, Apr 6 (IANS): Cholamandalam Investment and Finance Company Ltd on Tuesday said it is one of the companies participating in a consortium - Vishwakarma Payments Pvt Ltd - that has applied for the New Umbrella Entity (NUE) license for Retail Payments with the Reserve Bank of India (RBI).

Non-banking finance company (NBFC) Cholamandalam Investment is part of the city-based Murugappa Group.

With aspirations to fuel a less-cash and more-digital micro-payments economy, the RBI has set up a framework to authorise pan-India umbrella entities that will focus on retail payment systems.

"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," Cholamandalam Investment said.

The other companies who are part of Vishwakarma Payments are: FSS, Zoho, Zerodha, RazorPay, Ujjivan and Airpay, it said.