Management Change Announcement
Equitas Small Finance Bank Limited announced that its Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Mr. Balaji Nuthalapadi as its Interim Chief Executive Officer (CEO). This appointment is subject to the approval of the Reserve Bank of India (RBI).
Background and Context
The appointment follows the resignation of Mr. P. N. Vasudevan as Managing Director and CEO of the Bank. Mr. Balaji Nuthalapadi is currently serving as a Whole-Time Director (Executive Director) of the Bank.
Interim CEO Profile and Experience
As Executive Director at Equitas Small Finance Bank Limited, Mr. Balaji Nuthalapadi has played a pivotal role in enhancing digital capabilities, upgrading technology, and improving operational efficiency. Prior to joining Equitas Small Finance Bank Limited, he was with Citi for 28 years and served as Managing Director and Head of India Citi Solutions Centers and Head of India Operations and Technology. He worked in multiple geographies across Asia & EMEA in roles spanning asset sales, wealth management, re-engineering, consumer operations and technology, and Global Capability Center leadership where he led the scale-up of Citi's global hubs in India.
Effective Date and Transition
Mr. Balaji Nuthalapadi's appointment will take effect from the date of RBI approval or such other date as may be stipulated by the RBI. The Bank shall ensure a smooth and seamless transition to connote stability for its stakeholders and investors.
Board Appreciation for Outgoing CEO
The Board has placed on record its deep appreciation and sincere gratitude to Mr. P. N. Vasudevan for his invaluable contributions, exemplary leadership, and dedicated service to the Bank during his tenure. The Bank will determine his relieving date following the receipt of RBI approval for the interim CEO appointment and in consultation with Mr. P. N. Vasudevan.
Succession Planning Process
The Board has initiated the process of identifying a successor to Mr. P. N. Vasudevan and will submit its recommendation to the RBI in accordance with applicable regulatory requirements.
Bank's Commitment and Strategic Focus
Equitas Small Finance Bank Limited remains committed to its strategic priorities, business objectives, and its mission of delivering inclusive, responsible, and customer-centric banking services. The Bank will continue to focus on strengthening its customer relationships, expanding its reach, and creating sustainable value for all its stakeholders.