RBI extends Equitas SFB MD’s tenure by a year

The Reserve Bank of India (RBI) has approved a proposal of Equitas Small Finance Bank (SFB) to reappoint P.N. Vasudevan as managing director and chief executive officer for a period of one year from July 23.

In a regulatory filing, the bank said that it had received RBI’s approval for the reappointment.

On May 19, Mr. Vasudevan had informed of his desire to step down from the post as he wanted to work for his trust and urged the board to look for a successor. He also came forward to help the search committee in identifying a successor to take the bank to next phase of growth.

A few days back, the bank had said that it had received approvals from RBI and SEBI for its scheme of reverse amalgamation with EHL. Now, it has to secure approvals from shareholders, creditors and the NCLT.

“The RBI has extended my tenure by a year. The amalgamation process will be completed well before March 23. I will help the board find a successor,” Mr. Vasudevan said in an interview.

Asked about their goal of making SFB an universal bank, he said that they would apply for licence as and when RBI permits them to do so.

“The bank is performing well and has been posting robust growth. It is very much on track,” he said.

Shares of the bank were down by 0.26% to close at Rs.38.50 on the BSE Thursday.