Fintech startup slice, North East Small Finance Bank complete merger
The NCLT recently approved the merger between slice and NESFB, following approvals from the Competition Commission of India, RBI, and other regulatory bodies.
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 over a year, the teams at slice and NESFB have worked tirelessly to make this merger a reality. Today, we’re 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 Govt of Assam, for trusting us with 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 suite of banking products, including savings accounts, fixed deposits, and credit offerings, all while ensuring uninterrupted services for existing NESFB and slice customers," Satish Kumar Kalra, MD and CEO of NESFB, said in a statement.
This deal reflects a growing trend among Indian fintech companies partnering with traditional banks. Neobank Jupiter is in talks to acquire a 5% to 9.9% stake in SBM Bank India, with plans to expand its stake over time, pending RBI approval.
"We’re especially committed to strengthening our roots in the Northeast, striving to bring more people into the formal banking system. We’ll place a strong emphasis on delivering exceptional customer experience while maintaining robust risk management and governance as the foundation of our operations," Bajaj added.
Edited by Suman Singh