Equitas Small Finance Bank announced the resignation of its Managing Director & Chief Executive Officer, Mr. P. N. Vasudevan (DIN: 01550885). The resignation, effective upon the handover of responsibilities to his successor, was accepted by the Board of Directors. Mr. Vasudevan cited a desire to pursue personal and social initiatives. The bank is initiating a search for a suitable replacement and assured continuity in its long-term vision.
Key Management Change at Equitas Small Finance Bank
Equitas Small Finance Bank Limited has formally announced the resignation of its Managing Director & Chief Executive Officer (MD & CEO), Mr. P. N. Vasudevan. This significant development was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Reasons for Resignation
In his resignation letter, Mr. Vasudevan expressed his intention to step down to pursue certain personal and social initiatives. He stated that he believes this move will allow him to contribute further to society. A perceived ‘overhang’ related to his daughter’s co-promoter role in an NBFC, despite no direct transactions with the bank, was also cited as a reason for stepping down to remove potential perception issues and benefit the bank’s stock performance.
Board’s Response and Succession Plan
The Board of Directors of Equitas Small Finance Bank, at its meeting held on October 29, 2026, took note of Mr. Vasudevan’s resignation and agreed with the decision. The Board acknowledged his instrumental role in the bank’s journey since its inception as a microfinance institution in 2007 and its transition to a Small Finance Bank in 2016, commending his leadership and contributions. Mr. Vasudevan has agreed to continue discharging his duties as MD & CEO until his successor is in place. The Nomination and Remuneration Committee has been tasked with identifying and recommending suitable internal and external candidates for the MD & CEO position. The appointment will be subject to approvals from the Reserve Bank of India and other relevant regulatory authorities.
Bank’s Performance and Outlook
The bank highlighted its strengthened fundamentals over the past decade, aiming to be the Banker of Choice for the informal/semi-formal segment. It has launched numerous products and invested significantly in technology. The bank has set a 5-year plan through March 2031, projecting a CAGR of over 20% in advances and deposits, aiming to reach ₹1.2 lac Crore. For the quarter ended September ’26, the bank’s total business crossed ₹1 lac Crore, with a record quarterly profit of ₹218 Crores.
Source: BSE
