Guwahati: The Reserve Bank of India has approved the proposed merger of Slice, a fintech unicorn with North East Small Finance Bank (NESFB), the local small finance bank headquartered in Guwahati, Assam.
The merger aims to accelerate the expansion of tech-enabled financial accessibility to the interiors of North East in addition to across the other states of the country.
In the forthcoming months, NESFB will work towards receiving the requisite approval from other regulatory bodies namely NCLT, SEBI, etc. for the merger to be completed.
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Rupali Kalita, MD & CEO, NESFB said, “This merger of Slice into NESFB will enhance technological capabilities of our bank in strengthening our grassroot banking foundation with improved customer experience across the 230 dedicated branches in North East. This will also strengthen the bank valuation to around INR 12,000 Crores. It will greatly advance our mission of financial inclusion through digital means, with a commitment to expanding reach at the grassroots level, leveraging modern risk architecture, and eventually becoming a leader in the banking industry…NESFB will continue its dedicated service to North East India in the states of Assam, Meghalaya, Manipur, Nagaland, Mizoram, Tripura, Arunachal Pradesh, Sikkim and North Bengal, merging technology with deep community insight to offer top-tier financial services to the region.”
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