RBI approves re-appointment of Vasudevan P N as MD, CEO of Equitas SFB

Reserve Bank of India gave its nod for re-appointment of P N Vasudevan as Managing Director and Chief Executive Officer of private sector Equitas Small Finance Bank

The Reserve Bank of India on Friday gave its nod for the re-appointment of P N Vasudevan as Managing Director and Chief Executive Officer of private sector Equitas Small Finance Bank

The tenure of his appointment would be for a period of three years with effect from July 23, 2023.

In a BSE filing, Equitas Small Finance Bank said, "..we would like to inform that Reserve Bank of India vide its letter.... dated June 15, 2023, has given its approval for re-appointment of Vasudevan P N, Managing Director and Chief Executive Officer of the Bank for a period of three years with effect from July 23, 2023."

Vasudevan had expressed his desire to move on from his role for a career in health and education. However, in December 2022 he withdrew his decision.

Equitas Small Finance Bank reported a net profit of Rs 190.03 crore for the quarter ending March 31, 2023. The bank had registered a net profit at Rs 119.50 crore during the corresponding quarter of the previous year.

For the year ending March 31, 2023, the bank had registered a net at Rs 573.59 crore from Rs 280.73 crore registered in the same period of the previous fiscal.