In a statement, the fintech said it has received the Reserve Bank of India’s (RBI) nod for the merger, and is awaiting shareholder consent and other regulatory approvals.
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ET had reported on March 8 that Tiger Global and RTP Global-backed Slice had picked up a 5% stake in Assam-based NESFB for less than Rs 30 crore.
For Slice which has been running as a non-banking finance company for the last four years, the option was to either convert itself into a bank by applying for a fresh licence or acquiring one (after crossing the five-year mark as an NBFC).
In the past, commercial banks such as Kotak Mahindra started out as non-bank finance companies.
For eight-year old Slice, a recent RBI directive barring credit lines from being loaded on prepaid cards has been a big setback.
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“We’re grateful to the RBI for entrusting us with this immense responsibility. At Slice, our unyielding devotion to customers and robust risk management have set us apart. This approach allows us to serve a wider audience, including those often overlooked,” said Rajan Bajaj, founder & chief executive of the fintech.