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Equitas SFB says CEO transition will not alter universal banking license strategy

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Equitas SFB says CEO transition will not alter universal banking license strategy

Equitas SFB says CEO transition will not alter universal banking license strategy

Equitas Small Finance Bank appointed an interim MD and CEO despite PN Vasudevan being available after his resignation, citing governance practices and stakeholder interests. The bank expects to appoint a full-time successor within four months and is evaluating both internal and external candidates, while maintaining that its five year business plan remains unchanged.

* A four-member committee of independent directors is overseeing the search for the new MD and CEO, with the board hoping to shortlist candidates within a month. * PN Vasudevan resigned on October 29, citing a perceived conflict of interest; the board said it had been aware of his interest in Unico Housing Finance and had no concerns. * The board said the leadership transition will not affect Equitas' five-year business strategy, including its approach towards a universal banking license.

Chennai based Equitas Small Finance Bank's leadership transition will not alter its existing strategy on applying for a universal banking license, with the lender saying it has no immediate plans to approach the Reserve Bank of India on the matter. The bank said it has been eligible to apply for a universal banking license for some time, but has not had any recent discussions with the regulator on the subject. Its current strategy will continue, and the change in leadership is not expected to affect its long-term plans. The bank is in the process of finding a successor to former managing director and chief executive officer PN Vasudevan , who resigned on October 29, 2026.


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