Payments and lending startup Slice has completed its merger with North East Small Finance Bank (NESFB), creating a unified banking entity, effective October 27, 2024.
“For more than a year, the slice and NESFB teams have worked tirelessly to make this merger a reality. Today, we are thrilled to be at the starting line of building India’s most loved bank. We are grateful to the regulatory authorities, especially the RBI and the Government of Assam, for trusting us on this transformative journey,” said Rajan Bajaj, founder and CEO of slice and executive director of the merged entity. .
The National Company Law Tribunal (NCLT) recently approved the merger, following approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and other regulatory bodies.
“The merged entity aims to introduce a comprehensive range of banking products, including savings accounts, fixed deposits and credit offerings, while ensuring uninterrupted services to existing NESFB and tranche customers” , said Satish Kumar Kalra, Managing Director and CEO, NESFB. a declaration.
The deal reflects a growing trend among Indian fintech companies to partner with traditional banks. Neobank Jupiter is in talks to acquire a 5-9.9% stake in SBM Bank India, with plans to expand its stake over time, pending approval from the RBI.
“We are particularly committed to strengthening our roots in the North East, working to attract more people into the formal banking system. We will place a strong emphasis on delivering an exceptional customer experience while maintaining strong risk management and governance as the foundation of our operations. ” added Bajaj.