Slice and North East Small Finance Bank Merger Approved by NCLT

Slice has received NCLT approval for its merger with North East Small Finance Bank. This amalgamation combines Slice's digital expertise with NESFB's rural banking strength, aiming to provide enhanced financial services to Indian consumers. The merger also seeks to foster financial inclusion and set new industry standards through innovative technology.

In a significant development, consumer payments and lending company Slice announced that it has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).

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, as confirmed by a company statement.

This pivotal merger combines Slice's digital capabilities with NESFB's grassroots banking expertise, aiming to deliver a superior financial experience to consumers across India. The company highlighted that this integration paves the way for leveraging advanced technology and deep community understanding to promote financial inclusion nationwide.

Customers of the newly merged entity can expect an expanded range of products, enhanced omnichannel offerings, and a seamless banking experience. The company will soon announce the effective date of the merger and other relevant details regarding the merged entity.

The merger represents a significant step towards advancing financial inclusivity and setting new industry benchmarks through innovative technological solutions, the company added.

(With inputs from agencies.)