New Delhi, Oct. 18 -- India's answer to global digital banks such as Revolut and Nubank will be built within a licensed bank, rather than a fintech distributing other lenders' products, according to Rajan Bajaj, managing director and chief executive of Slice Small Finance Bank Ltd.

"The fintech distribution model will not be the answer to a Nubank or a Revolut in India. The answer to that will be through a bank licence, not a fintech," Bajaj said in an interview with Mint. His consumer-lending startup became a bank after merging with North East Small Finance Bank in October 2024.

Slice wants to become customers' main bank for payments, savings and borrowing. Bajaj's bet is that technology-led customer acquisition, servicing and credit a...