GUWAHATI: The Reserve Bank of India has granted approval for the proposed merger of Slice, a fintech unicorn, with North East Small Finance Bank (NESFB), a local small finance bank headquartered in Guwahati, Assam.
This strategic move aims to accelerate their shared vision of expanding tech-enabled financial accessibility not only in the Northeast but also across the nation. NESFB will now work diligently to secure approvals from other regulatory bodies such as the National Company Law Tribunal (NCLT) and the Securities and Exchange Board of India (SEBI) to complete the merger.
Rupali Kalita, the Managing Director and CEO of NESFB, expressed her enthusiasm about this momentous occasion. “The merger of Slice into NESFB will significantly enhance our bank’s technological capabilities, fortifying our foundation in grassroots banking and elevating the customer experience across our 230 dedicated branches in the North East. This strategic move will also boost our bank’s valuation to approximately Rs 12,000 crore, reaffirming our commitment to expanding financial inclusion through digital means and positioning ourselves as leaders in the banking industry.”
Kalita further highlighted the extensive collaboration and preparation that has taken place over the past year. “Our teams have worked meticulously with the Slice team to establish business synergies, paving the way for a formidable partnership. This achievement is a testament to the unwavering commitment and relentless dedication exhibited by all staff involved in steering this project.”
NESFB, known for its dedication to serving the region, will continue its mission to provide top-tier financial services to the states of Assam, Meghalaya, Manipur, Nagaland, Mizoram, Tripura, Arunachal Pradesh, Sikkim, and North Bengal. The bank plans to merge cutting-edge technology with deep community insights, reinforcing its promise to the Northeast while also extending financial inclusion initiatives nationwide.
As NESFB moves forward with regulatory approvals and the merger process, a new benchmark for the banking industry is in the horizon, underlining the transformative potential of partnerships between traditional banking institutions and innovative fintech companies in fostering financial inclusivity and technological advancement.
