Equitas Small Finance Bank Ltd has approved the appointment of Balaji Nuthalapadi, currently its Whole-Time Director and Executive Director, as Interim Chief Executive Officer, subject to approval from the Reserve Bank of India (RBI).
His appointment will take effect from the date of RBI approval or such other date as may be stipulated by the central bank. The move follows the resignation of P. N. Vasudevan as the bank’s Managing Director and Chief Executive Officer.
Nuthalapadi brings 28 years of Citi experience
Nuthalapadi has played a key role at Equitas Small Finance Bank in strengthening digital capabilities, upgrading technology and improving operational efficiency.
Before joining Equitas, he spent 28 years with Citi, where he served as Managing Director and Head of India Citi Solutions Centers, as well as Head of India Operations and Technology.
His experience spans several geographies across Asia and Europe, the Middle East and Africa (EMEA), covering asset sales, wealth management, re-engineering, consumer operations and technology.
He also led the expansion of Citi’s global capability centres in India.
Bank plans leadership transition
The bank said it would ensure a smooth transition to maintain stability for stakeholders and investors.
The board has placed on record its appreciation for Vasudevan’s contributions, leadership and service during his tenure. His relieving date will be determined after RBI approval for the interim CEO appointment and in consultation with him.
Search for permanent successor begins
The board has initiated the process of identifying Vasudevan’s successor and will submit its recommendation to the RBI in accordance with applicable regulatory requirements.
Equitas Small Finance Bank said it would remain focused on its strategic priorities, business objectives and its mission of delivering inclusive, responsible and customer-centric banking services.
The bank will continue to focus on strengthening customer relationships, expanding its reach and creating sustainable value for stakeholders.