Slice Small Finance Bank has announced a significant leadership change, appointing founder Rajan Bajaj as its new Managing Director and Chief Executive Officer. This move, approved by the Reserve Bank of India, solidifies the fintech's transition into a regulated banking entity. The appointment signals a new chapter for the company as it merges technological innovation with formal banking services.
A Strategic Leadership Transition
Effective February 17, Rajan Bajaj assumes the top leadership role, succeeding Satish Kumar Kalra, who will transition into a senior advisory position. Kalra previously led North East Small Finance Bank before its merger, and his continued involvement ensures a smooth transition. This change places the founder at the helm, aligning the bank's strategic direction with its fintech vision.
The bank's board expressed strong confidence in the new leadership, with Chairman Eugene Emmanuel Karthak highlighting Bajaj's unique qualifications. Karthak noted Bajaj's experience in building for the digital consumer and his understanding of technology's transformative power in finance. This endorsement underscores the board's commitment to a tech-driven growth strategy under his guidance.
From Fintech Disruptor to Regulated Bank
Founded in 2016, Slice began as a consumer fintech startup, gaining popularity with its innovative credit products. The company navigated significant regulatory shifts, including a 2022 RBI circular that impacted its core card offering. This challenge catalyzed its evolution, culminating in the strategic merger with North East Small Finance Bank in 2024.
The merger was a pivotal moment, transforming Slice from a fintech platform into India’s first fintech-led small finance bank. This transition allowed the company to operate as a fully regulated entity, expanding its product suite to include savings accounts. The move has positioned Slice to serve its extensive user base of over 20 million customers more comprehensively.
Financial Turnaround and Impressive Growth
The bank has demonstrated a strong financial recovery following its restructuring and merger. For the first three quarters of fiscal year 2026, Slice reported a net profit of $3 million, a significant turnaround from the previous year's loss. This profitability underscores the success of its new banking model and operational efficiencies.
This financial success is complemented by remarkable user growth, with the bank opening over four million savings accounts within its first year. Backed by over $250 million from investors like Tiger Global, the bank's rapid expansion is well-capitalized. This momentum makes its savings product one of the fastest-growing in the country.
A Vision for AI-Powered Banking
In his new role, Bajaj plans to leverage artificial intelligence to redefine the customer banking experience. He envisions a future where AI can make banking genuinely personal at scale, simplifying complex financial decisions for every user. This approach aims to offer sophisticated financial products previously accessible only to a select few.
Bajaj emphasized that India's digital infrastructure creates an opportunity to serve a vast population at a fraction of traditional costs. His ambition is to expand formal credit and banking access to underserved segments of the population. This vision aligns with the broader goal of financial inclusion, powered by cutting-edge technology.
Rajan Bajaj's appointment as MD and CEO marks a defining moment for Slice Small Finance Bank, integrating its fintech origins with regulatory stability. With a clear vision for AI-driven personalization and a commitment to financial inclusion, the bank is poised for its next growth phase. This leadership transition positions Slice to make a significant impact on India's evolving digital banking landscape.