Slice, a fintech company, has achieved a significant milestone with the approval of its merger with North East Small Finance Bank (NESFB) by the National Company Law Tribunal (NCLT).
The Guwahati bench of the NCLT sanctioned the Scheme of Arrangement and Amalgamation involving several entities, including Slice’s parent company Garagepreneurs Internet, Quadrillion Finance, Intergalactory Foundry, RGVN (North East) Microfinance, and NESFB. This merger aims to provide an enhanced financial experience for consumers across India.
The merger brings together the strengths of Slice, a consumer payments and lending company, and NESFB, known for its deep-rooted understanding of local banking needs. This integration is expected to drive financial inclusion by leveraging advanced technology and comprehensive banking services.
This follows critical approvals from the Competition Commission of India (CCI), the Registrar of Companies (RoC), and the Regional Director (RD), as well as no-objection certificates from the Reserve Bank of India (RBI) and the Income Tax Department.
The combined entity will offer a wider range of products, improved omni-channel offerings, and a seamless banking experience, making financial services more accessible and convenient for all.
Rajan Bajaj, Founder and CEO of Slice, expressed his gratitude for the support received throughout the merger process. He highlighted the company’s commitment to creating a more inclusive and responsible banking environment, stating, “This merger represents not just a milestone, but a testament to our shared dedication to redefining banking experiences and expanding accessibility for all. We are excited to merge with NESFB, and together, we will continue to innovate and strengthen financial access, technology driven banking systems, and customer service,” as quoted by The Hindu.
The official merger date and details of the new entity will be announced in the coming months, marking the beginning of a new chapter in India’s fintech and banking landscape.