Latest news with #SliceSmallFinanceBank
Economic Times
2 days ago
- Business
- Economic Times
Slice SFB aiming to close FY26 in the black; not looking to raise any capital
Slice Small Finance Bank has turned profitable on a monthly basis and is aiming to close FY26 in the black, a top official has said. The entity, which came out of a surprising merger between the fintech Slice and the North East SFB a few months ago, is adequately capitalised and not looking to raise any capital, its executive director Rajan Bajaj told PTI. The current focus is to build a pan-India business using the low-cost digital channels, and the entity is not interested in any more mergers, Bajaj said, adding that it may look at transitioning to a universal bank in the next five years. Before the merger, the North East SFB had reported a loss of Rs 441 crore, and Slice was also reporting losses. "We have turned profitable post-tax on a monthly basis and will close the year in profits," Bajaj said. The bank is adequately capitalised and the buffers will also be supported by the profits, he added. As per recent media reports, the bank was aiming to raise up to USD 300 million in capital. It is adding up to 3 lakh new accounts to its base on the back of digital journeys, Bajaj said, pointing out that the savings bank interest rate offering is at par with the RBI's repo rate and the fixed deposit offerings are a notch higher, which is helping in attracting customers. The pace of account opening is the fifth or the sixth fastest in the industry and at par with much bigger rivals, he said. On the lending front, it does consumer credit including unsecured personal loans and business credit which includes loans against property, he said, stressing that the focus is on serving people who may be underserved by the banking system. Aiming for a big increase in its borrowers and loan portfolio, the bank launched a UPI-based credit card on Saturday, Bajaj said, pointing out that over 30 crore of UPI users can be the potential target audience for such an offering. The bank stands to make an interchange of up to 1 per cent depending on where the credit facility is availed, and will also make revenues from rollovers and fees, he said. Bajaj said its personal credit vertical has been able to deliver credit at a cost which is a tenth of the industry courtesy digital inputs, and added that the credit costs are also 30 per cent lower than the industry average because of the analytics engine which is used for diligence. The bank also launched a 'UPI-powered bank branch' in Bengaluru, which can be used by any bank's customers for a slew of transactions, including cash deposits into any account using cash accepting machine, and then remitting the money to any mobile number, Bajaj said.
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Business Standard
2 days ago
- Business
- Business Standard
Slice SFB aiming to close FY26 in black, not looking to raise any capital
Slice Small Finance Bank has turned profitable on a monthly basis and is aiming to close FY26 in the black, a top official has said. The entity, which came out of a surprising merger between the fintech Slice and the North East SFB a few months ago, is adequately capitalised and not looking to raise any capital, its executive director Rajan Bajaj told PTI. The current focus is to build a pan-India business using the low-cost digital channels, and the entity is not interested in any more mergers, Bajaj said, adding that it may look at transitioning to a universal bank in the next five years. Before the merger, the North East SFB had reported a loss of Rs 441 crore, and Slice was also reporting losses. "We have turned profitable post-tax on a monthly basis and will close the year in profits," Bajaj said. The bank is adequately capitalised and the buffers will also be supported by the profits, he added. As per recent media reports, the bank was aiming to raise up to USD 300 million in capital. It is adding up to 3 lakh new accounts to its base on the back of digital journeys, Bajaj said, pointing out that the savings bank interest rate offering is at par with the RBI's repo rate and the fixed deposit offerings are a notch higher, which is helping in attracting customers. The pace of account opening is the fifth or the sixth fastest in the industry and at par with much bigger rivals, he said. On the lending front, it does consumer credit including unsecured personal loans and business credit which includes loans against property, he said, stressing that the focus is on serving people who may be underserved by the banking system. Aiming for a big increase in its borrowers and loan portfolio, the bank launched a UPI-based credit card on Saturday, Bajaj said, pointing out that over 30 crore of UPI users can be the potential target audience for such an offering. The bank stands to make an interchange of up to 1 per cent depending on where the credit facility is availed, and will also make revenues from rollovers and fees, he said. Bajaj said its personal credit vertical has been able to deliver credit at a cost which is a tenth of the industry courtesy digital inputs, and added that the credit costs are also 30 per cent lower than the industry average because of the analytics engine which is used for diligence. The bank also launched a 'UPI-powered bank branch' in Bengaluru, which can be used by any bank's customers for a slew of transactions, including cash deposits into any account using cash accepting machine, and then remitting the money to any mobile number, Bajaj said.
Time of India
5 days ago
- Business
- Time of India
Highest FD rates: Despite 1% RBI rate cut, get up to 9% interest rate on fixed deposits
Despite a 100 basis point cut in the Reserve Bank of India's repo rate since February 2025, some small finance banks are still offering attractive fixed deposit (FD) rates above 8% for general depositors on deposits below Rs 3 crore. Tired of too many ads? go ad free now While most banks have lowered interest rates in line with the policy easing, investors looking for higher returns can still lock in favourable rates before further reductions. Slice Small Finance Bank (formerly North East Small Finance Bank) is currently offering the highest FD interest rate of 9% for general citizens on tenures ranging from 18 months 1 day to 18 months 2 days, according to an ET report. Unity Small Finance Bank offers the next best rate of 8.60% for a tenure of 1001 days. Suryoday Small Finance Bank is offering 8.40% interest for general depositors for tenures above 30 months up to 3 years. Utkarsh Small Finance Bank is offering a peak rate of 8.25% for deposit tenures ranging from 2 years (730 days) up to 3 years (1095 days). Jana Small Finance Bank offers an 8.20% return on a 5-year (1825 days) fixed deposit. Here's a snapshot of current top FD rates for general citizens from small finance banks (as of June 18, 2025): Bank Name Highest Rate (%) Tenure Slab 1-Yr Rate 3-Yr Rate 5-Yr Rate Slice Small Finance Bank 9.00 18 months 1 day to 18 months 2 days 6.75 8.25 7.75 Unity Small Finance Bank 8.60 1001 days 7.00 8.00 8.00 Suryoday Small Finance Bank 8.40 Above 30 months to 3 years 7.90 8.40 8.00 Utkarsh Small Finance Bank 8.25 2 to 3 years 6.25 8.25 7.75 Jana Small Finance Bank 8.20 5 years (1825 days) 7.50 7.75 8.20 Source: , as cited the ET report Commercial banks and small finance banks (SFBs) are both regulated by the Reserve Bank of India (RBI), but they differ significantly in terms of their operational models and target customer base. Commercial banks are large financial institutions that cater to the general population and offer a wide range of services, including all types of loan products. In contrast, small finance banks primarily focus on providing basic loan facilities such as personal loans, gold loans, MSME loans, and vehicle loans. Their primary target customers include small borrowers, micro-entrepreneurs, and the informal sector, particularly in underserved regions. Tired of too many ads? go ad free now Both types of banks offer remittance services and provide access to digital banking platforms. However, the capital requirement for setting up a commercial bank is significantly higher compared to a small finance bank, which requires a minimum capital of Rs 100 crore. Banking analysts advise investors to exercise prudence whilst considering investments in small finance banks, noting their elevated risk profiles compared to traditional commercial banks. While the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage of up to Rs 5 lakh for all deposits, these institutions operate with distinct business frameworks unlike scheduled commercial banks, which could subject depositors to increased risk exposure, as reported by ET.
