Slice, an Indian fintech company, has secured regulatory approval to merge with North East Small Finance Bank, marking a major step in its evolution from a card-issuing platform to a full banking entity. This merger, approved by the Reserve Bank of India (RBI), positions Slice to offer more comprehensive financial services, including savings accounts and loans, to its young, tech-savvy customer base. This move aligns with Slice’s goal of strengthening its presence in India’s financial sector and competing with traditional banks.
- The RBI approval for Slice’s merger is notable as few fintechs have achieved this status in India.
- Slice's shift towards full banking capabilities broadens its competitive edge over established banks.
- This merger could set a precedent, encouraging other fintech companies to pursue similar banking licenses.
