RBI approves Rajan Bajaj as MD & CEO of Slice Small Finance Bank

Rajan Bajaj appointed as slice bank's CEO and MD

• RBI approves Rajan Bajaj as CEO of Slice Small Finance Bank
• Slice transitions from fintech to licensed small finance bank
• Slice opened 4M savings accounts in its first year as a bank

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The Reserve Bank of India (RBI) has approved the appointment of Rajan Bajaj as managing director and chief executive officer of Slice Small Finance Bank (SSFB), the company said on February 16. His appointment will take effect from February 17, after securing approval from the bank’s board and shareholders.

Bajaj, founder of fintech firm Slice, steps into the top role at a pivotal moment for the Bengaluru-based lender. Slice acquired North East Small Finance Bank in 2023 and later merged the entity to form Slice Small Finance Bank, marking its transition from a fintech startup to a licensed deposit-taking bank.

Bajaj previously served as executive director. As CEO, he will oversee the company’s push to evolve from its credit-focused fintech origins into a full-fledged, technology-driven retail banking player.

Founded in 2016, Slice began as a credit and payments platform catering largely to young, digitally savvy consumers. It initially specialised in underwriting customers with little or no credit history, offering small-ticket loans of Rs 5,000 to Rs 10,000 before gradually expanding credit limits as repayment behaviour improved.

With a banking licence, the company can now accept public deposits, a structural shift that lowers funding costs compared to non-banking finance models. Access to deposits allows the bank to reduce capital costs, potentially offer loans at more competitive rates, and improve margins.

“The digital infrastructure to serve customers well and at a fraction of the traditional cost that now exists. AI is now reaching the point where it can make banking genuinely personal at scale, understanding what each customer needs and making complex financial decisions simple,” Bajaj said in a statement.

Slice said it has opened more than four million savings accounts within a year of commencing full banking operations, positioning it among the faster-growing new entrants in the small finance bank segment. The company reported a profit after tax of nearly Rs 28 crore across the first three quarters of FY26.

In recent months, the lender has expanded into micro, small and medium enterprises (MSME) and merchant lending, offering fully digital loans. It has also broadened its consumer banking portfolio with digital savings accounts, UPI-enabled branches, UPI-linked credit cards and credit on UPI.

The company began operations as Garagepreneurs Internet Private Limited (GIPL), targeting customers underserved by traditional banks. In 2019, it established a non-banking finance arm to lend from its own balance sheet. Slice has raised over $250 million from investors including Tiger Global, Insight Partners and Advent International.

Eugene Emmanuel Karthak, part-time chairman and independent director of the bank, said Bajaj’s experience in building consumer-focused digital products positions him well to lead the institution as access to formal banking expands across India.