Slice receives NCLT approval for merger with North East Small Finance Bank

Lending startup Slicehas received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).

"Slice and NESFB will soon announce the effective merger date and details of the merged entity. In the coming months, both organizations will work diligently to ensure a smooth transition for all customers, employees and stakeholders, with a focus on maintaining the highest standards of service and support," the company said in a press release.

The merger, sanctioned by the Guwahati bench, follows approvals from key regulatory bodies, including the Competition Commission of India (CCI) and the Reserve Bank of India (RBI).

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"We are truly grateful for the trust and support of everyone and the distinguished regulatory bodies that played a pivotal role in the process.This approval reinforces our dedication to creating a highly inclusive and responsible banking environment," Rajan Bajaj, Founder & CEO, slice, said.

"This merger represents not just a milestone, but a testament to our shared dedication to redefining banking experiences and expanding accessibility for all. We are excited to merge with NESFB, and together, we will continue to innovate and strengthen financial access, technology driven banking systems, and customer service,“ Bajaj added.

Notably, in April, the Reserve Bank of India issued guidelines for small finance banks (SFBs) seeking to convert into universal banks through on-tap licensing, opening up a path for banks like NESFB to convert to a full fledged bank.

NESFB is a scheduled commercial bank that primarily serves the unbanked and underserved population of Northeast India. Established in 2017, NESFB provides a range of financial services including microcredit, deposits, and insurance through its network of 209 branches across 9 states.