Business · Companies · 1 hr ago
Slice CEO says India’s digital banking leader will need a bank licence
Slice CEO Rajan Bajaj says India’s next digital banking leader will need a bank licence, rather than operating as a fintech that distributes other lenders’ products.
Slice began as a consumer-lending startup and became a bank after merging with North East Small Finance Bank in October 2024.
Bajaj says Slice wants to be customers’ main bank for payments, savings and borrowing, using technology to reduce operating costs and improve lending decisions.
The bank has built its own core banking system and video identity checks, and says it opens about 500,000 accounts a month.
Slice’s deposits more than doubled to ₹5,132.6 crore by March 2026, while savings deposits nearly quadrupled during the 2025-26 financial year.
It offers 5.5% annual interest on savings and is using deposits to fund loans, but its deposit costs were almost unchanged at 7.12% in FY26, partly because of expensive debt inherited from its former lending business.
Slice is also expanding into small-business banking, offering merchants accounts, payment tools and collateral-free loans of up to ₹10 lakh.
Slice chief executive Rajan Bajaj says India’s answer to digital banks such as Revolut and Nubank will need to be built within a licensed bank, not a fintech distributing other lenders’ products.
Slice wants to become customers’ main bank for payments, savings and borrowing.
Bajaj says technology-led customer acquisition, servicing and credit assessment can lower costs and help Slice offer better rates and rewards.
Slice’s deposits more than doubled to ₹5,132.6 crore at the end of March 2026 from a year earlier.
The company became a bank after merging with North East Small Finance Bank in October 2024.
- Who
- Rajan Bajaj, managing director and chief executive of Slice Small Finance Bank.
- What
- Bajaj says a digital banking leader in India will need a bank licence rather than operate as a fintech distributing other lenders’ products.
- When
- The interview was published on 18 October 2026.
- Where
- India.
- Why
- Bajaj says a licensed bank can build a digital banking business, while technology-led operations can lower costs and support better rates and rewards.
This story does not have two clearly opposing sides.
Slice merged with North East Small Finance Bank and became a bank.
Slice launched its business app for merchants.
Slice reported deposits of ₹5,132.6 crore at the end of the month.
Mint published its interview with Bajaj.
- CEO
- Rajan Bajaj
- Merger
- Slice merged with North East Small Finance Bank in October 2024
- Deposits
- ₹5,132.6 crore at the end of March 2026
- Savings rate
- 5.5% a year
- Monthly account openings
- About 500,000, according to Bajaj
What people are saying
The fintech distribution model will not be the answer to a Nubank or a Revolut in India. The answer to that will be through a bank licence, not a fintech
We are competing against inefficiency