Payments and lending fintech firm Slice has appointed Kotak Mahindra Bank former senior executive Arvind Kathpalia as its chief risk adviser.
In his new role, Kathpalia will work on building the capabilities of the newly-formed banking entity, formed post the merger of Slice and North East Small Finance Bank (NESFB), the company said in a statement on May 9. This includes implementation of Slice’s in-house underwriting tools and risk framework as it merges with NESFB.
“We are delighted to have Arvind Kathpalia on board as a key advisor. His industry expertise will not only guide slice to scale its existing risk management but also prove beneficial for the new banking entity. We look forward to creating the best and most efficient risk management system in India under his guidance and direction,” Slice founder and CEO Rajan Bajaj, said.
Kathpalia served as the president and the group chief risk officer at Kotak Mahindra Bank, where built its risk management function and developed frameworks for identifying, assessing, mitigating, and monitoring credit, market, operational and liquidity and other risks across the group.
He was also a key member of the bank’s executive board, overseeing its growth initiatives and driving integrated risk management across the group. His has had held leadership positions at ANZ Grindlays and Standard Chartered Bank as well.
"It is quite inspiring to witness the dynamic transformation in India’s financial ecosystem, driven by innovative companies that are not merely altering but revolutionizing the landscape. Slice is a quintessential example of such innovation, and I’m excited to join the team,” Kathpalia said.
In October, the fintech unicorn announced the plan to merge with NESFB after getting the Reserve Bank of India's go-ahead. The merger will allow Slice to acquire an SFB licence and bolster its credit and banking ambitions.
Recently, NESFB appointed Shrimohan Yadav, the former chief general manager of RBI, as an independent director to its board.
The announcement came a month after the bank appointed former Andhra Bank executive Satish Kumar Kalra as interim managing director (MD) and chief executive officer (CEO) to lead the merger between Slice and NESFB.
Slice reported Rs 847 crore revenue from its operations in payments and lending business during FY23, a three-fold jump from the previous fiscal despite the regulatory clampdown, which saw the company scrapping its then flagship product, a revolving credit line on prepaid card during the first quarter of FY23.
Its losses, however, grew 60 percent to Rs 406 crore in FY23.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
