Slice Small Finance Bank's Digital Transformation Journey: Profits and Expansion Plans
Slice Small Finance Bank, born from a merger between Slice fintech and North East SFB, has achieved monthly profitability. With a focus on digital expansion, it's adding new accounts rapidly and potentially transitioning to a universal bank. Key offerings include a UPI-based credit card and 'UPI-powered bank branch'.
- Country:
- India
Slice Small Finance Bank has remarkably transitioned to profitability on a monthly basis, according to an official statement. The bank, formed from a merger between Slice and North East SFB, plans to wrap up FY26 in a positive financial position.
Executive Director Rajan Bajaj emphasized the bank's robust capitalization and lack of immediate need for additional capital, despite previous reports suggesting a goal of raising USD 300 million. Bajaj also highlighted the bank's strategy to expand nationwide through low-cost digital channels while eschewing further mergers.
The bank's recent launch of a UPI-based credit card targets the vast user base of UPI, aiming to enlarge its loan portfolio. The profitability is also supported by efficient digital processes, with credit costs significantly lower than industry norms, bolstered by advanced analytics.
(With inputs from agencies.)
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