Slice Merger with North East Small Finance Bank Approved by NCLT
- ByStartupStory | August 20, 2024
In a significant development for the Indian financial services sector, consumer payments and lending company Slice has announced that it has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). The merger is set to combine Slice’s cutting-edge digital capabilities with NESFB’s established grassroots banking expertise, promising to deliver an enhanced financial experience for consumers across India.
The NCLT Guwahati bench has sanctioned the scheme of arrangement and amalgamation, which involves multiple entities including Garagepreneurs Internet Pvt Ltd, Quadrillion Finance Pvt Ltd, Intergalactory Foundry Pvt Ltd, RGVN (North East) Microfinance Ltd, and North East Small Finance Bank. This approval marks a crucial step towards the formal integration of these companies.
“The approval paves the way for the official merger, combining slice’s digital prowess with NESFB’s grassroots banking expertise to deliver a superior financial experience to Indian consumers,” Slice said in an official statement.
The merger is expected to leverage advanced technology and deep community understanding, aiming to foster financial inclusion across the nation. “Customers can look forward to an expanded range of products, enhanced omnichannel offerings, and a seamless banking experience,” the statement added.
Slice and NESFB are preparing to announce the effective merger date and details of the merged entity in the near future.
“This merger represents a significant step forward in advancing financial inclusivity and setting new industry benchmarks through innovative tech solutions,” the company emphasized, signaling its commitment to reshaping the financial landscape in India.
The integration of Slice’s tech-driven approach with NESFB’s traditional banking services is anticipated to set new standards in the industry, particularly in how technology can be harnessed to reach underserved communities and drive financial inclusion.
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