P. N. Vasudevan resigns, Equitas names Balaji Nuthalapadi interim CEO
Business
Equitas Small Finance Bank just named Balaji Nuthalapadi as its interim CEO (pending Reserve Bank of India approval) after founder P. N. Vasudevan resigned.
Vasudevan's exit comes amid questions about his daughter's finance company, but he will stick around until a permanent replacement is found.
Balaji Nuthalapadi to steady Equitas
Nuthalapadi, who spent nearly 30 years at Citi, is stepping in to guide the bank through this change.
The board trusts his experience to keep things steady, especially since Equitas is still posting strong numbers, with profits of ₹218 crore last quarter and business topping ₹1 trillion.
The bank is aiming big: over 20% growth every year until 2031.
Once a new CEO takes charge, Vasudevan plans to focus on his trust.