P N Vasudevan has resigned as managing director and chief executive officer of Equitas Small Finance Bank, citing plans to pursue personal and social initiatives. The bank's board took cognisance of his resignation on Thursday, Oct 29, and asked him to continue in the role until a suitable successor is appointed. According to the company's press release, Vasudevan's resignation will take effect once he hands over his responsibilities to his successor.
In his resignation letter, Vasudevan said he wanted to pursue “certain personal and social initiatives through which he believes he can contribute further to society”. He also referred to repeated questions about a perceived conflict of interest, noting that his daughter is a co-promoter of a non-banking financial company.
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The resignation comes around three months after Vasudevan was reappointed as the bank's MD and CEO until July 2029.
Who Is P N Vasudevan?
P N Vasudevan is a veteran banker who has led Equitas since its inception as a microfinance institution in 2007. He played a central role in its transition into a small finance bank in 2016 and has since overseen its development as a banking institution. Before joining Equitas, Vasudevan spent nearly two decades at Cholamandalam Investment and Finance Company Ltd. He joined the company as a management trainee in February 1986 and subsequently served as vice president and business head from 1987 to 2006.
He then moved to DCB Bank, where he served as executive vice president and head of consumer banking from January 2006 to June 2007. His career has spanned microfinance, consumer banking and financial services, with Equitas representing his longest leadership association.
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Vasudevan has cited his intention to focus on personal and social initiatives as the reason for stepping down. His resignation letter also referred to questions regarding a perceived conflict of interest arising from his daughter's position as co-promoter of a non-banking financial company.
The bank's announcement did not state that the resignation was the result of any finding of wrongdoing.
Equitas said Vasudevan had confirmed that he would continue as MD and CEO until his successor takes charge, ensuring continuity during the transition. “P. N. Vasudevan has confirmed that he will continue to function as MD & CEO till his successor takes over from him,” the bank said.
The board added that it would ensure the bank continued to pursue its long-term vision and did not expect the leadership transition to affect that objective.
Alongside his banking career, Vasudevan has held leadership positions in social and charitable organisations. He has served as managing trustee of the Equitas Healthcare Foundation since March 2018 and of Varshini Illam Trust since April 2014. His stated plans to pursue social initiatives follow his long association with Equitas and its development from a microfinance institution into a small finance bank.
The bank will now need to identify a successor to lead its next phase of growth. Until the appointment and handover are completed, Vasudevan will remain at the helm, with the board saying it expects the transition to have no impact on the institution's long-term plans.
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