slice completes merger with North East Small Finance Bank

New Delhi: slice, an Indian consumer payments and lending company, has completed its merger with North East Small Finance Bank (NESFB), on October 27, following the receipt of all requisite shareholder and regulatory approvals. This merger unifies the operations, assets, and brand identities of both entities into a single, integrated banking institution.

This integration aims to set the foundation for building a tech-driven bank, prioritising stability, risk management, and a robust governance framework as its key pillars. 

With the merger, the entity will expand its operations, meet evolving customer needs, and enhance risk management. The merged entity will also seek to deepen NEFSB’s presence in the Northeast and stimulate economic development in the region. 

The merged entity will also introduce a range of banking products and services including savings accounts, fixed deposits, and credit products.

Rajan Bajaj, Founder and CEO, slice and Executive Director of the merged entity, said, “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. While our words express intent, our actions will reflect our commitment to creating a truly customer-centric banking institution that is set to change the Indians bank. 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.”

Satish Kumar Kalra, MD and CEO, NESFB, said, “We’re ushering in a new chapter not only for our bank but for the nation as a whole. While India has witnessed tremendous innovation across various industries, this is a landmark event in the banking sector, particularly for a financial institution rooted in the Northeast. We are thrilled to welcome slice into our journey, as their cutting-edge technology and innovative approach will be instrumental in redefining banking standards across the nation. I extend my deepest gratitude to the entire team of slice and NESFB for their foresight and openness to embrace this significant change. Today, we begin a new journey with a reinforced commitment to the Northeast region, while also striving to bring advanced banking services to every corner of India. Our mission is clear: to drive financial inclusion and deliver a banking experience that is progressive, accessible, and impactful for all."