Slice, a prominent consumer payments and lending company, has received approval from the National Company Law Tribunal for its merger with the North East Small Finance Bank.
This decision comes after approvals from other regulatory bodies, including the Competition Commission of India, the Registrar of Companies, and the Regional Director, along with no-objection certificates from the Reserve Bank of India and the Income Tax Department.
The NCLT's Guwahati bench has sanctioned the Scheme of Arrangement and Amalgamation, which includes Garagepreneurs Internet Pvt., Quadrillion Finance Pvt., Intergalactory Foundry Pvt., RGVN (North East) Microfinance Ltd., and the NESFB.
Rajan Bajaj, founder and chief executive officer of Slice, expressed gratitude for the support received from regulatory bodies and stakeholders.
“We are truly grateful for the trust and support of everyone involved. This approval underscores our commitment to creating an inclusive and responsible banking environment. The merger with NESFB is a significant milestone, reflecting our dedication to enhancing banking experiences and expanding financial access. We are excited to combine our digital innovation with NESFB's grassroots expertise to better serve our customers,” Bajaj said.
The merger aims to combine its advanced technology with NESFB's in an effort to enhance financial inclusion across India. The combined entity will offer a broader range of products, improved omnichannel services, and a streamlined banking experience, according to the press release.
Slice and NESFB will announce the official merger date and further details soon.
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