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Slice gains entry into India's banking sector
The Daily Guardian
|October 31, 2024
Slice, a fintech company, is officially entering the regulated banking sector in India through its merger with North East Small Finance Bank (NESFB).
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This development, approved by both the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), marks a significant shift in the Indian financial landscape, as it's one of the first times a fintech has achieved full-scale integration with a traditional banking entity.
Historically, regulators in India have been cautious about fintechs acquiring banking licenses indirectly. However, in this case, Slice's approach of incrementally acquiring stakes in NESFB over the past year signaled their intent to transition to banking gradually and responsibly.
This merger now enables Slice to offer comprehensive banking services, including deposit collection, something it couldn't previously do under a non-banking financial company (NBFC) license.
This story is from the October 31, 2024 edition of The Daily Guardian.
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