Slice and North East Small Finance Bank Complete Merger Forming Unified Banking-Focused Fintech Entity

Slice and North East Small Finance Bank Complete Merger Forming Unified Banking-Focused Fintech Entity

Fintech firm Slice has officially merged with North East Small Finance Bank (NESFB), forming a unified banking entity as of October 27. The merger received all necessary shareholder and regulatory approvals, including those from the Reserve Bank of India (RBI), the Competition Commission of India, and the National Company Law Tribunal, marking a significant step for the fintech unicorn.

In a statement, Slice highlighted that the merger would consolidate operations, assets, and brand identities, creating a technology-focused bank with a strong financial base aimed at expanding services, enhancing risk management, and improving customer experiences. This newly formed entity aims to deepen its roots in the Northeast and reach customers across India, aligning with Slice’s goal of increasing financial inclusion.

Rajan Bajaj, CEO of Slice, expressed gratitude to regulatory bodies, particularly the RBI and the Government of Assam, for supporting this transformative merger. “This merger is a monumental step, allowing us to bring more individuals into the formal banking system, particularly in the Northeast,” he said. The integration process spanned over a year, with Slice receiving the RBI’s initial merger approval in October 2023, followed by the Competition Commission’s approval in March 2024, and the National Company Law Tribunal’s final nod in August.