Business · India Bureau
Equitas Bank appoints Balaji Nuthalapadi as interim CEO pending RBI approval
The private sector lender has named Nuthalapadi to the interim role following the departure of P N Vasudevan. The appointment remains subject to regulatory clearance from the Reserve Bank of India.
LSN India ·
Equitas Small Finance Bank has announced the appointment of Balaji Nuthalapadi as interim Chief Executive Officer, contingent upon approval from the Reserve Bank of India. The move follows the resignation of P N Vasudevan from the position, marking a leadership transition at the Chennai-headquartered institution.
Nuthalapadi's interim appointment comes as the bank has initiated a formal process to identify and recruit a permanent successor to lead the organisation. The lender has not disclosed further details regarding the timeline for the permanent appointment or the scope of responsibilities Nuthalapadi will assume in the interim period.
Equitas Small Finance Bank, which operates in the competitive segment of small finance banking in India, has maintained its operations during the leadership transition. The bank has indicated its commitment to maintaining stability and continuity in governance as it progresses through the succession process.
The RBI's approval of the interim CEO appointment represents a standard regulatory requirement for changes in senior management at deposit-taking institutions. Such approvals typically consider the candidate's qualifications, experience, and fitness to hold the position under banking regulations and guidelines.