Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced the successful migration of operations for Cholamandalam Investment and Finance Company Limited (Chola) to the Finacle Treasury solution. This is set to centralize treasury management on a unified web-based platform for Chola, one of India’s leading non-banking financial companies (NBFCs). This cloud-based transformation emphasizes Chola’s commitment to creating future-ready, digital-first treasury offerings that streamline treasury operations, enhance automation and effectively manage risks and compliance while ensuring financial prudence and stability.
With Finacle Treasury, Chola now has end-to-end coverage for operations across the entire treasury lifecycle, managing various liabilities and investment portfolios. This includes a diverse range of borrowing and funding sources. Chola has also streamlined its fund transfer process, allowing for faster and more efficient management of loans, market borrowings, securitization, and interest and tax adjustments. Additionally, the company is enhancing operational effectiveness by automating interest processing, accounting for amendments, and payment processes. For instance, this transformation has significantly reduced the processing time for coupon payout.
Ravindra Kumar Kundu, Managing Director, Cholamandalam Investment and Finance Company Limited, said, “We at Chola are delighted to embrace Finacle’s next-generation Treasury solution. This marks a pivotal step in our treasury transformation journey. Managing the growing and diverse liability book including short- and long-term borrowings and the investment portfolio including government securities Liquidity Coverage Ratio (LCR) has been both a challenge and a priority. The Finacle Treasury platform equips us with the tools to address these challenges, improve operational efficiency, and enhance risk management, all while adhering to stringent regulatory frameworks. This transformation strengthens our ability to optimize funding strategies and scale treasury operations in alignment with our growth ambitions.”
Sajit Vijayakumar, Chief Business Officer and Global Head, Infosys Finacle, said, “We are delighted to partner with Chola in their mission to modernize treasury operations. The NBFC sector in India stands at a critical juncture, facing increasing compliance requirements and elevated funding costs. Our collaboration with Chola highlights our commitment to delivering a cloud-first multi-asset treasury solution that meets the current and future requirements of the industry. This collaboration further reinforces Finacle’s reputation as a trusted partner for NBFCs, empowering them to innovate, streamline, and scale their operations confidently.”
About Cholamandalam Investment and Finance Company Limited (Chola)
Cholamandalam Investment and Finance Company Limited (Chola) was incorporated in 1978 as the financial services arm of the Murugappa Group. Chola commenced business as an equipment financing company and has emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking, and various other financial services to customers. Chola operates from 1577 branches across India, with assets under management above INR 189141 Crores. The mission of Chola is to enable customers to enter a better life. Chola has a growing clientele of over 43 lakh happy customers nationwide. Since its inception and growth, the company has kept a clear eye on its values. The basic tenet of these values is a strict adherence to ethics and a responsibility to all those within its corporate ambit – customers, shareholders, employees, and society. For more details, please visit www.cholamandalam.com.
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