It’s rare for the central bank to allow a fintech company to enter the banking sector.
Bengaluru-based fintech startup Slice is set to merge with Guwahati-based North East Small Finance Bank, the two companies announced on Wednesday in a statement. The Reserve Bank of India has approved the merger, making it only the second instance of a fintech company being allowed to form a joint venture in a small finance bank entity.
The details of the shareholding of the proposed merged entity are unclear at the moment. In March, Slice had acquired a 5% stake in the small finance bank for $3.42 million, valuing it at around $68 million at the time. The merger is subject …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi