Slice-backed North East Small Finance Bank (NESFB) in Bengaluru has appointed Satish Kumar Kalra as its interim MD and CEO, gaining approval from the bank’s board and the Reserve Bank of India. Kalra, a banking veteran with over four decades of experience, is set to drive the entity’s future.
“The approval from the board and RBI allows NESFB to appoint Satish Kumar Kalra as the interim MD and CEO,” NESFB announced. Kalra’s vast banking experience includes a successful tenure at Andhra Bank, marked by substantial credit growth and branch expansion.
In a move announced earlier in October, Slice and NESFB revealed their merger plans, marking a unique integration in the fintech-banking domain. This merger positions the fintech company as a Small Finance Bank (SFB), a pioneering initiative in this sector.
“Satish Kumar Kalra’s expertise in credit, treasury, and risk management will significantly aid our aspirations as a fintech major with credit ambitions,” stated an official statement from the company.
Kalra’s role in the merger process and operational optimization is crucial, particularly in integrating the two entities culturally, NESFB highlighted in a media statement.
“Tapan Kumar Hazarika, Independent Director, NESFB, expressed confidence in Kalra’s leadership, stating his vision aligns with our goals,” shared NESFB officials.
The merger’s strategic objective, as stated during its announcement, emphasizes integrating technology with grassroots financial inclusion nationwide.
Kalra remarked, “This is a unique opportunity to lead a groundbreaking merger in the banking industry, leveraging NESFB’s grassroots banking and Slice’s digital prowess.”
Previously, Slice focused on offering credit and payment services to college students and new employees, while NESFB concentrated on rural areas and the bottom-of-the-pyramid segment across North East states and West Bengal through its 208 branches.
The transition from prepaid cards to a regulated entity capable of accepting deposits is pivotal for Slice, enabling access to better credit funds at competitive rates.
“Last year’s RBI directive disrupted several startups, including ours, involved in issuing prepaid card credit lines,” acknowledged industry changes affecting fintech operations.
Kalra’s appointment signifies a crucial step in this transformative journey, aiming to redefine banking through technology-driven financial inclusion.
