The Reserve Bank of India had given the no-objection certificate (NOC) to the deal in October last year, for the merger which will see Slice becoming an SFB, a first of its kind development in the fintech and banking space.
Amidst tighter RBI regulations, a slew of fintech players have either secured NBFC licences or are actively pursuing them. In this challenging environment, these licences have become a crucial tool for survival and expansion, as they can fetch superior margins through direct lending over mere technology facilitation for banks and NBFCs.
In a first-of-its-kind development in the banking sector, the Reserve Bank of India (RBI) has approved the merger of financial technology (fintech) credit and payment company slice and Guwahati-based North East Small Finance Bank (NESFB). With this deal, slice, the fintech, would become a small finance bank.