On February 16, Slice Small Finance Bank (SSFB) announced that Rajan Bajaj has been appointed as managing director and CEO by the Reserve Bank of India (RBI).
Following ratification by the bank’s board and shareholders, his position will begin on February 17.
At a critical juncture for the Bengaluru-based lender, Bajaj, the creator of the fintech company Slice, assumes the top position. In 2023, Slice converted from a fintech startup to a regulated deposit-taking bank by acquiring North East Small Finance Bank and subsequently merging the two companies to create Slice Small Finance Bank.
Bajaj was the executive director before. He will be in charge of the company’s efforts as CEO to transform it from its credit-focused fintech roots into a fully functional, technologically advanced retail banking business.
Since its founding in 2016, Slice has operated as a credit and payments platform primarily serving youthful, tech-savvy customers. Offering small-ticket loans of Rs 5,000 to Rs 10,000, it first focused on underwriting clients with little to no credit history before progressively raising credit limits as repayment patterns improved.
A structural change that reduces funding costs in comparison to non-banking finance methods is the company’s ability to accept public deposits with a banking license. The bank can lower capital expenses, possibly make loans at more favorable rates, and increase margins by having access to deposits.
“The ability to provide excellent customer service at a fraction of the typical cost because to digital technology.” AI has advanced to the point where it can comprehend the demands of every consumer and simplify complicated financial decisions, making banking truly personalized at scale, according to a statement from Bajaj.
Slice said that within a year of starting full banking operations, it has opened over four million savings accounts, placing it as one of the newcomers to the small financing bank market with the fastest rate of growth. For the first three quarters of FY26, the company generated a profit after tax of almost Rs 28 crore.
The lender now offers totally digital loans and has branched out into merchant lending and micro, small, and medium-sized business (MSME) lending in recent months. With digital savings accounts, UPI-enabled branches, UPI-linked credit cards, and credit on UPI, it has also expanded its consumer banking offerings.
Initially known as Quadrillio Garagepreneurs Internet Private Limited (GIPL), the business catered to clients who traditional banks did not adequately serve. It created a non-banking finance division in 2019 to make loans using its own balance sheet. Tiger Global, Insight Partners, and Advent International are among the investors who have contributed more than $250 million to Slice.
The bank’s independent director and part-time chairman, Eugene Emmanuel Karthak, stated that Bajaj is well-positioned to lead the organization as formal banking becomes more widely available in India due to his background in creating consumer-focused digital products.
