PN Vasudevan Decides To Stay Back At Equitas Small Finance Bank
- The founder and CEO had informed the lender’s board in May about his decision to step down to pursue philanthropic activities
Equitas Small Finance Bank on Friday said that PN Vasudevan, in response to suggestions of the board, has decided to stay on as managing director and chief executive of the lender.
The founder and CEO had informed the lender’s board in May about his decision to step down to pursue philanthropic activities.
"The board noted that Vasudevan had in May 2022 expressed his desire to move on after the process of identifying a successor is complete and had, at that time, agreed to the suggestion of the chairman to defer tendering his resignation till then," Equitas said in a regulatory filing.
The board, the filing said, believes that continuity of management and his leadership would help the bank sustain its growth in a stable, scalable, and inclusive manner.
"Accordingly, the present ongoing process of identifying a successor to him will stand terminated," it said, adding that Vasudevan's current term as head of the bank expires on 22 July 2023. The board has decided to renew his term for a further period of three years with effect from 23 July 2023, subject to approval by the Reserve Bank of India (RBI) and the shareholders.
In a letter to Equitas SFB's chairman Arun Ramanathan on 23 December, Vasudevan referred to their discussions on how over the next few years, the lender will have the opportunity
to build a highly respectable banking institution, including applying for a universal bank license and thus continuity of the management would be helpful.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
Revisiting Campus Conflict: Rethinking The Role Of Law Enforcement Amidst Student Protests
Recent clashes between protesters and law enforcement at Columbia University and other American campuses have sparked re... Read more
Pro-Palestinian Protests Surge: Unveiling Fault Lines On American Campuses
In recent months, American universities have become the focal points of escalating pro-Palestinian protests, with events... Read more
Hong Kong Introduces Groundbreaking Cryptocurrency ETFs For Retail Investors
Hong Kong has entered a new era in the realm of cryptocurrency investments with the recent introduction of the first spo... Read more
UK's Local Elections 2024: A Decisive Political Landscape Shift
In the spring of 2024, the United Kingdom witnessed a pivotal moment in its democratic process as local elections unfold... Read more
The Fragile Lifeline: America's Aid To Ukraine Amidst Political Struggles
Amidst escalating tensions with Russia, the United States has once again extended a vital lifeline to Ukraine in the for... Read more
Trailblazers Of Change: Generation Z's Role In Shaping The Future
Generation Z, often referred to as Gen Z, is making waves as a generation that is actively shaping the future. Their rep... Read more