Nature of Disclosure: Regulatory filing pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, notifying the resignation of the Managing Director & Chief Executive Officer.

Key Event: Mr. P. N. Vasudevan (DIN: 01550885) has resigned from his positions as Managing Director, Chief Executive Officer, and Key Managerial Personnel of Equitas Small Finance Bank Limited.

Reason for Resignation: Mr. Vasudevan has resigned to pursue personal and social initiatives. A primary reason cited is to remove a perceived conflict of interest "overhang" affecting the bank's stock price. This perception stems from his daughter being a co-promoter of an RBI-licensed NBFC, despite no material transactions existing between the bank and the NBFC (except for one short-term deposit 2.5 years prior that was repaid on maturity).

Effective Date of Cessation: The resignation is effective upon the handover of responsibilities to a successor. The specific date will be communicated later. Mr. Vasudevan has confirmed he will continue to function as MD & CEO until his successor takes over.

Board Action & Succession Plan: The Board of Directors, at its meeting held on October 29, 2026, took note of and agreed with the resignation. The Board has requested the Nomination and Remuneration Committee (NRC) to identify and recommend suitable internal and external candidates for the MD & CEO position. The final appointment is subject to the approval of the Reserve Bank of India (RBI) and other necessary regulatory or statutory approvals.

Financial & Operational Context Provided:

  • The bank reported its highest ever quarterly profit of ₹218 Crores for the quarter ended September 2026.
  • Total business (advances + deposits) crossed ₹1 lakh crore during the same quarter.
  • The bank has a stated 5-year plan through March 2031, projecting a Compound Annual Growth Rate (CAGR) of 20%+ in both advances and deposits, aiming to reach approximately ₹1.2 lakh crore.
  • The past 5-year CAGR in advances is about 26% and in deposits is about 27%.
  • The bank has guided for an average Return on Assets (RoA) of 1.5% over the 5-year plan period.
  • The branch network stands at about 1,100 branches.

Governance Context: The resignation letter includes a note on the bank's governance standards, referencing a published book titled "When Organisations Win" that details the Equitas model of governance built on fairness, transparency, and customer-first values.

Regulatory References: The disclosure is made under Regulation 30 and Schedule III, Part A, Para A (7C) of the SEBI (LODR) Regulations, 2015, following SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Impact Statement: The Board does not expect this transition to impact the bank's long-term vision and stated growth plans.