Slice appoints former RBI ED and SBI's ex-MD in leadership roles

Bengaluru-based fintech slice on March 31 said that it has appointed former RBI ED Eugene Karthak and ex-SBI MD S Vishvanathan as independent director and advisor, respectively.

Bengaluru-based fintech slice on March 31 said that it has appointed former RBI ED Eugene Karthak and ex-SBI MD S Vishvanathan as independent director and advisor, respectively.

Karthak and Vishvanathan will join slice’s parent company Garagepreneurs Internet Private Limited (GIPL), slice said in a press release. This is a strategic move coming at a time of changing fintech governance norms and strict crackdown of lending apps by the regulators.

“Karthak will focus on providing strategic advice and promoting corporate governance and Vishvanathan will work on strategic decision-making,” slice said.

As a former ED, Eugene managed the banking regulation, supervision, Information Technology, financial inclusion, and currency management segments in RBI.

Vishvanathan led SBI as the MD and as director on the Central Board. Prior to that, he was the MD and chief executive officer (CEO) of SBI Capital Markets Limited.

slice also recently overhauled its product offerings to deliver comprehensive payments experience with products like slice borrow, slice mini, and slice UPI. The Bengaluru-based startup joined the Unicorn club in November 2021 after raising $220 million in its Series-B fundraise, co-led by Tiger Global and Insight Partners.

This isn’t the first instance of a fintech startup strategically appointing former regulators on its board. Another fintech unicorn, BharatPe too added former RBI Deputy Governor BP Kanungo and Zomato Chairman Kaushik Dutta as independent directors. It also has former SBI chief Rajnish Kumar as the chairman.