Correct Answer : North East Small Finance Bank
Fintech unicorn slice and Guwahati-based North East Small Finance Bank (NESFB) have announced a merger between the two entities in the only instance of a fintech startup merging with a SFB.
The Reserve Bank of India (RBI) has approved the deal and will see slice becoming an SFB, a first of its kind development in the fintech and banking space.
In a statement, the fintech said it is awaiting shareholder consent and other regulatory approvals.
Having received a nod from the central bank, the merger will help realise their shared goal of integrating cutting-edge technology offerings with grassroots financial inclusion efforts.
This merger brings together slice’s digital prowess and NESFB’s grassroots banking foundation. The combined entity supercharges its commitment to financial accessibility and will bring an unparalleled digital banking experience to its customers.
This merger is also emblematic of RBI’s unwavering commitment to fostering innovation and promoting digital financial inclusion..
Source : CNBC
