Equitas SFB gets RBI approval to re-appoint Vasudevan as MD, CEO

Reappointment effective from July 23, 2023, lender told BSE

The Reserve Bank of India has approved the re-appointment of P N Vasudevan as the managing director (MD) and chief executive officer (CEO) of Equitas Small Finance Bank (SFB) for a three-year term.

The reappointment is with effect from July 23, 2023, Equitas SFB told BSE.

Vasudevan, in May 2022, expressed his desire to resign from the post for a career in health and education. However, later in December 2022 he decided to continue as MD & CEO of the bank.

The Chennai-based lender posted 35 per cent year-on-year (YoY) growth in its advances to reach Rs 27,861 crore by end of March 2023. Of that number, the small finance loan portfolio expanded by 28 per cent YoY to Rs 10,083 crore. The micro-finance loan portfolio grew by 34 per cent to Rs 5,225 crore. The vehicle loan portfolio expanded by 38 per cent to Rs 6,971 crore.

SFB’s total deposits grew 34 per cent YoY to Rs 25,381 crore. The share of low cost money—current account and Savings account (CASA) —stood at 42 per cent at the end of March 2023.

The bank’s capital adequacy ratio was 23.8 per cent with Tier I of 23.08 per cent and Tier II at 0.72 per cent at end of March 2023.