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

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.