Cholamandalam Investment & Finance Company has bagged payments bank licence from Reserve Bank of India (RBI). The licence will add another revenue stream for the company.
The RBI has allowed 11 business houses, including Reliance Industries, the Aditya Birla group and leading telecom companies Airtel and Vodafone to start payments banks.
Cholamandalam Investment is among the top 5 NBFC’s in the country operating in vehicle finance, home equity, corporate and mortgage finance segments with subsidiaries in the broking and wealth advisory space.
