- ByStartupstory | January 27, 2025
Startup Fintech Slice announced on Monday that it would rename Slice Small Finance Bank Limited (Slice SFB) after its merger with North East Small Finance Bank (NESFB). The merger, which has received key regulatory approvals, including a non-objection certificate (NOC) of the Bank of India Reserve (RBI), will make Slice the first Fintech bank in India.
According to internal documents accessible by Yourstory, the merger is finalized once all regulatory and compliance requirements are met, opening the way to the national expansion of Slice SFB. Over the next three years, the bank plans to introduce a series of financial products, in particular high-performance savings accounts, fixed deposits, co-marked credit cards, personal loans, loans to SMEs, Gold loans and digital banking solutions.
Post-merger, the bank’s net value is 912.58 sterling books, while its capital / risk active ratio (CRAR) improved at 23.67%. In addition, non -efficient net assets (NNPA) of the bank increased from 6.69% to 4.62%.
Commenting on development, a source close to the issue said to Yourstory, “Some people in the industry had canceled the merger of Slice as a technological partner of NESFB, but this name change suggests the opposite. He shows that RBI is really serious about a digital bank in India and gives Slice the possibility of directing it, it will be interesting to see how it all goes. »»
As part of its Pan-Indian expansion plan, the SFB tranche based on ASSAM is in talks to collect $ 250 to $ 300 million in a group of financial investors and family offices, as reported The Economic Times. The bank aims to increase its customers from the 11 million current to more than 70 million by the end of fiscal year 30.
Currently operating around 200 branches, SLICE SFB plans to strengthen its workforce on several roles to support its ambitious expansion strategy. The bank is led by the director general and CEO STATH KUMAR KALRA, while the founder of Slice, Rajan Bajaj, now holds a participation of around 15% in the Small Finance bank.
By emphasizing a digital approach, the transformation of Slice SFB is considered an important step in the Indian banking sector, because it strives to fill the gap between traditional banking services and innovative fintech solutions.
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