PN Vasudevan to continue as MD & CEO of Equitas Small Finance Bank

PN Vasudevan, who had in May 2022 expressed his desire to step down as the MD and CEO of Equitas Small Finance Bank, has reversed his decision and will now continue in this position with the bank. This is in response to the suggestions of the Board post expressing his desire to step down on May 19, 2022.

In a letter to the bourses, the Board stated, “The Board believes that continuity of management and his leadership would help the Bank sustain its growth in a stable, scalable and inclusive manner. Accordingly the present ongoing process of identifying a successor to him will stand terminated.”

Vasudevan’s current term as MD & CEO of the Bank expires on July 22, 2023. The Board has resolved to renew his term for a further period of 3 years with effect from July 23, 2023, subject to approval by the Reserve Bank of India and approval by the shareholders as applicable.

In May 2022, while expressing his desire to step down, Vasudevan had said that he wanted to spend his time doing activities which would help create a significant corpus for Varshini lllam Trust to enable the Trust to carry out its activities, including door step therapy services for small babies from low income families on a scalable and sustainable basis.