GUWAHATI: Fintech credit and payments startup Slice is being proposed to be merged with Guwahati-based North East Small Finance Bank (NESFB).
Reserve Bank of India (RBI) has issued the no objection certificate (NOC) to the deal and will see Slice becoming an SFB, a first-of-its-kind development in the fintech and banking space.
This is a pathbreaking move to accelerate their joint vision of expanding tech-enabled financial accessibility to the interiors of the Northeast in addition to across the other states of the country.
In the forthcoming months, NESFB will work towards receiving the requisite approval from other regulatory bodies namely NCLT, SEBI, etc. for the merger to be completed.
NSSFB managing director cum CEO Rupali Kalita said “This proposed merger of GIPL (slice) into NESFB will enhance the technological capabilities of our bank in strengthening our grassroots banking foundation with improved customer experience across the 230 dedicated branches in the Northeast.”
“It will greatly advance our mission of financial inclusion through digital means, with a commitment to expanding reach at the grassroots level, leveraging modern risk architecture, and eventually becoming a leader in the banking industry,” Kalita said.
“Over the past twelve months, we have worked meticulously with the Slice team to establish business synergies, laying the foundation for an unbeatable partnership. This achievement owes itself to the unwavering commitment and relentless dedication exhibited by all staff who have diligently steered this project,” she said.
“NESFB will continue its dedicated service to the Northeast in Assam, Meghalaya, Manipur, Nagaland, Mizoram, Tripura, Arunachal Pradesh, Sikkim and North Bengal, merging technology with deep community insight to offer top-tier financial services to the region. This collaboration of technology and grassroots connect will not only bolster our enduring promise to the Northeast but also facilitate the extension of financial inclusion across the nation,” she added
This NOC for the proposed merger is a significant step forward in enhancing financial inclusivity using cutting-edge tech solutions, driving innovation, and setting new benchmarks in the industry.
