Equitas appoints Balaji Nuthalapadi interim CEO, subject to RBI nod

Equitas Small Finance Bank Ltd on Wednesday said its board has approved the appointment of Balaji Nuthalapadi, currently a whole-time director and executive director of the bank, as interim chief executive officer, subject to approval from the Reserve Bank of India (RBI).

The appointment was made on the recommendation of the Nomination and Remuneration Committee.

It follows the resignation of P N Vasudevan as managing director and chief executive officer of the bank, citing investor concerns over a perceived conflict of interest arising from his daughter’s association with a non-banking financial company (NBFC).

As executive director, Nuthalapadi has played a key role in enhancing the bank’s digital capabilities, upgrading technology and improving operational efficiency.

Before joining Equitas Small Finance Bank, he spent 28 years with Citi and served as managing director and head of India Citi Solutions Centers, as well as head of India Operations and Technology.

He worked across multiple geographies in Asia and Europe, West Asia and Africa (EMEA), in roles spanning asset sales, wealth management, re-engineering, consumer operations and technology, and global capability centre leadership.

He also led the scale-up of Citi’s global hubs in India.

Nuthalapadi’s appointment will take effect from the date of RBI approval or any other date stipulated by the central bank.

Equitas said it would ensure a smooth and seamless transition to provide stability to stakeholders and investors.

The board placed on record its appreciation for Vasudevan’s contributions and leadership during his tenure.

The bank will determine his relieving date after receiving RBI approval for the interim CEO appointment and in consultation with Vasudevan.

The board has also initiated the process of identifying a permanent successor and will submit its recommendation to the RBI in accordance with applicable regulatory requirements.

“Equitas remains committed to its strategic priorities, business objectives and its mission of delivering inclusive, responsible and customer-centric banking services. The Bank will continue to focus on strengthening its customer relationships, expanding its reach and creating sustainable value for all its stakeholders,” the statement said.

Equitas is one of India’s larger small finance banks and offers products and services to customers ranging from individuals with limited access to formal finance to affluent and mass-affluent customers, small and medium enterprises, and corporates.