Crypto Innovation: Slice and North East Small Finance Bank Merger Approved by NCLT
The National Company Law Tribunal (NCLT) has given its approval for the merger of Bengaluru-based Slice with Guwahati-headquartered North East Small Finance Bank. This merger paves the way for the final integration of the two entities, following the green signal given by the Reserve Bank of India (RBI) in October 2023.
Final Nod for Merger
- NCLT Guwahati bench has sanctioned the scheme of arrangement and amalgamation involving several entities, including Garagepreneurs Internet Private Limited and Quadrillion Finance Private Limited.
- Slice operated as Garagepreneurs, while Quadrillion Finance is its in-house non-banking finance company (NBFC).
- The microfinance business within North East Small Finance Bank is known as RGVN (North East) Microfinance Limited.
Merger Approvals
- The NCLT approval was the final required for Slice to combine the operations of the two businesses.
- Approvals have also been obtained from the Competition Commission of India (CCI) and the Registrar of Companies (RoC).
- A no-objection certificate from the Income Tax department has been received by Slice as well.
Enhancing Financial Services
Through this merger, Slice aims to provide technology-backed financial services to the last-mile consumers of North East Small Finance Bank. This collaboration will enable the delivery of innovative financial solutions and enhance accessibility for customers in remote areas.
“This merger symbolizes a significant milestone and showcases our joint commitment to revolutionizing banking experiences and increasing accessibility for all. We are thrilled to join forces with NESFB, and together, we will drive innovation, strengthen technological banking systems, and enhance customer service,” stated Rajan Bajaj, founder of Slice.
ET reported on December 25 that Satish Kumar Kalra, a former senior executive at Andhra Bank, has been appointed as the new CEO of the merged entity.
Hot Take: Transformative Merger for Enhanced Financial Services
The merger approval of Slice and North East Small Finance Bank by the NCLT marks a significant step towards redefining banking experiences and expanding financial access. This collaboration will drive technological innovation and prioritize customer service, ultimately benefiting the last-mile consumers in remote regions. With a strong leadership team in place, the merged entity is poised to lead the way in offering cutting-edge financial solutions to underserved communities.
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