Slice, a fintech startup, has obtained approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).
Both corporations publicly declared their consolidation in October 2023. Slice purchased a 5% share in a bank based in Guwahati last March for approximately $3.42 million.
According to a news statement by Slice, the merger will allow the merged business to take advantage of innovative technology and extensive community knowledge, promoting financial inclusion throughout the country. Customers may anticipate a broader selection of products, improved omnichannel options, and a smooth banking experience.
The NCLT has approved the arrangement and merger plan that includes Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited, and North East Small Finance Bank Limited.
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Slice and NESFB have obtained clearance from the Competition Commission of India (CCI) and the Registrar of Companies (RoC). Both companies also obtained no-objection certificates from the Reserve Bank of India (RBI) and the Income Tax Department.
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