Equitas Small Finance Bank has announced the appointment of Mr. Balaji Nuthalapadi as the Interim Chief Executive Officer (CEO). This appointment follows the resignation of the current MD & CEO, Mr. P. N. Vasudevan. The board expressed gratitude for Mr. Vasudevan’s contributions and is initiating the process to find a permanent successor, subject to Reserve Bank of India (RBI) approval.
Equitas Small Finance Bank Announces Leadership Changes
In a significant announcement dated November 03, 2026, Equitas Small Finance Bank has informed the stock exchanges about key leadership changes. The Board of Directors has approved the appointment of Mr. Balaji Nuthalapadi (DIN: 08198456) as the Interim Chief Executive Officer (CEO) of the Bank.
Resignation and Interim Appointment
This interim appointment comes consequent to the resignation of Mr. P. N. Vasudevan (DIN: 01550885), the current Managing Director & CEO. The board recorded its appreciation for Mr. Vasudevan’s invaluable contributions, exemplary leadership, and dedicated service during his tenure.
The appointment of Mr. Balaji Nuthalapadi as Interim CEO is subject to the approval of the Reserve Bank of India (RBI). It will take effect from the date of RBI approval or such other date as may be stipulated by the RBI. Mr. Nuthalapadi currently serves as the Whole-Time Director (Executive Director) of the Bank.
Successor Identification Process
The Board has also commenced the process to identify a successor for the MD & CEO position. Their recommendation will be submitted to the RBI as per the applicable regulations. Mr. Vasudevan’s relieving date will be decided by the Board in consultation with him upon receipt of RBI approval for the interim CEO’s appointment.
Background of Interim CEO
Mr. Balaji Nuthalapadi holds a post-graduation degree from the Indian Institute of Management (IIM) Ahmedabad. He brings over 28 years of extensive experience, having worked with Citi across various markets in APAC and EMEA. His expertise spans Global Capability Center leadership, Operations and Technology, P&L Leadership, Sales & Wealth Management, and Banking Product Re-engineering. He has been serving as the Whole-time Director (Executive Director) of Equitas Small Finance Bank since March 29, 2025.
This disclosure supersedes any earlier intimation filed by the Bank on October 29, 2026.
Source: BSE
