Guwahati: North East Small Finance Bank’s (NESFB) upcoming merger with Slice reaffirms its unwavering commitment to Northeast India, as it embarks on a journey of integrating technology with community-driven financial inclusion. This strategic convergence will not only fortify the enduring pledge to the Northeast but also catalyze the widespread expansion of financial inclusion throughout the nation.
Fintech credit and payments startup Slice is being proposed to be merged with NESFB.
On October 4, the Reserve Bank of India (RBI) 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.
The forthcoming merger will mark a significant milestone for the entire Northeast, serving as a monumental leap forward. The cumulative Tier 1 CAR post-merger will exceed 25%. Furthermore, it will serve as a vital role in connecting northeastern residents living across the nation with a financial institution deeply rooted in their heritage.
NESFB’s vision extends beyond regional boundaries, aspiring to establish a strong national presence that will substantially enhance both its branch network and customer outreach. In pursuit of this goal, NESFB is steadfast in assuring its valued customers that its core identity remains uncompromised. This endeavour represents a paradigm shift, wherein a bank with a concentrated focus on the northeastern region of India will cultivate a pan-India presence while preserving its core principles and values.
NESFB’s part-time chairman Dr Ram Krishna Garg added, “Our commitment to the people of the Northeast remains strong as ever. This collaboration with Slice unites our grassroots banking foundation and Slice’s digital prowess. With the guidance of the Reserve Bank of India (RBI), we are advancing towards a brighter future, setting an example for the entire nation in cross-cultural collaboration and unity.”
NESFB Business Head Pritesh Nath said, “This merger brings the essential capital and technological infrastructure required to advance banking in the Northeast, thereby facilitating the economic upliftment of the local communities. We are excited about the new prospects that come with this partnership, as we audaciously head towards becoming the most loved bank of India.”
The future only holds the positive prospects of seamless experiences, wider product ranges, and multichannel integration. The synergy with Slice is sure to bring together the best of technology and traditional banking.
