Equitas Small Finance Bank gets RBI nod to reappoint Vasudevan as MD & CEO

Earlier in May this year, ESFB founder and CEO Vasudevan P N had asked the lender to look for his successor as he wanted to step down to pursue "a distinct set of goals"

P N Vasudevan, MD, Equitas Holdings
P N Vasudevan
Press Trust of India New Delhi
2 min read Last Updated : Jun 15 2022 | 9:43 PM IST

Equitas Small Finance Bank (ESFB) on Wednesday said that the Reserve Bank of India has okayed its proposal to reappoint MD and CEO Vasudevan P N for one year.

"We wish to inform that pursuant to the bank's application vide its letter dated May 23, 2022, RBI vide its letter dated June 15, 2022 has approved the proposal to reappoint Vasudevan P N as the Managing Director & Chief Executive Officer (MD &CEO) of the bank, for a period of one year with effect from July 23, 2022," it said in a regulatory filing.

Earlier in May this year, ESFB founder and CEO Vasudevan P N had asked the lender to look for his successor as he wanted to step down to pursue "a distinct set of goals".

He is also the Managing Director of Equitas, which began as a micro finance institution in 2007 and was later converted into bank in 2016.

In a letter to ESFB last month, Vasudevan expressed his desire to quit but did not gave a timeline.

Vasudevan said he along with his wife has created a public charitable trust in their daughter's name, Varshini Illam Trust, and that they have launched a project in the trust to take quality medical and therapy treatment to rural and semi-urban areas at their doorstep to those in the age group of 0-3 years.

"The board would be forming a search committee shortly to undertake the process of identifying a successor. Vasudevan would continue as the MD & CEO till the succession and transition process is completed," ESFB said in its stock exchange filing on May 19.

Equitas SFB scrip closed 1.03 per cent lower at Rs 38.60 apiece on BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Reserve Bank of IndiaEquitas SFBBanking sector

First Published: Jun 15 2022 | 9:43 PM IST

Next Story