P.N. Vasudevan now MD and CEO of Equitas Small Finance Bank, reappointment approved by the RBI

16 Jun 2022 , 08:30 AM

The Reserve Bank of India (RBI) has authorized the extension of P.N. Vasudevan’s tenure as Managing Director and Chief Executive Officer (MD & CEO) of Equitas Small Finance Bank (SFB) for one year, beginning July 23, as requested by the bank, the SFB told exchanges on June 15.

With the clearances of SEBI and RBI, Equitas SFB’s reverse merger process now only requires shareholder, creditor, and NCLT approvals.

The bank gained SEBI permission for the Scheme of Amalgamation of Equitas Holdings with the bank earlier this month. now that SEBI and RBI approvals have been received, the Equitas SFB merger procedure just needs shareholder, creditor, and NCLT approvals.

Vasudevan, who started Equitas as a microfinance institution (MFI) in 2007, said on May 19 that he would be leaving the SFB to work for his trust. The bank’s board of directors is also eager to accommodate him, should the idea is approved by the financial regulator.