National Company Law Tribunal (NCLT)

NCLT Approves slice and North East Small Finance Bank’s Merger 

Bengaluru, 19th Aug 2024: slice, India’s leading consumer payments and lending company 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 involving Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited, and North East Small Finance Bank Limited. 

The approval paves 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. This follows critical approvals from the Competition Commission of India (CCI), the Registrar of Companies (RoC), and the Regional Director (RD), as well as no-objection certificates from the Reserve Bank of India (RBI) and the Income Tax Department. The merger will enable the combined entity to leverage advanced technology and deep community understanding, fostering financial inclusion across the nation. Customers can look forward to an expanded range of products, enhanced omni channel offerings, and a seamless banking experience.

Commenting on the approval, Rajan Bajaj, Founder & CEO, slice, said, “We are truly grateful for the trust and support of everyone and the distinguished regulatory bodies that played a pivotal role in the process. At slice, we have always prioritized our commitment to our customers. This approval reinforces our dedication to creating a highly inclusive and responsible banking environment. This merger represents not just a milestone, but a testament to our shared dedication to redefining banking experiences and expanding accessibility for all. We are excited to merge with NESFB, and together, we will continue to innovate and strengthen financial access, technology driven banking systems, and customer service.“

slice and NESFB will soon announce the effective merger date and details of the merged entity. In the coming months, both organizations will work diligently to ensure a smooth transition for all customers, employees and stakeholders, with a focus on maintaining the highest standards of service and support. 

This merger represents a significant step forward in advancing financial inclusivity and setting new industry benchmarks through innovative tech solutions.