Equitas Small Finance Bank MD withdraws decision to step down

The managing director and the chief executive officer of Equitas Small Finance Bank PN Vasudevan withdrew his decision to step down, the bank said on Friday.

In May, Vasudevan had expressed his desire to move on after the process of identifying a successor was complete and had agreed to the suggestion of Chairman Arun Ramanathan to defer tendering his resignation till then.

"Equitas Small Finance Bank is happy to announce that PN Vasudevan in response to the suggestions of the Board has decided to stay on as MD and CEO of the bank", the bank said in a BSE filing.

Vasudevan in a letter to the Chairman had conveyed his decision to withdraw and the letter was also shared by the bank in the filing. In the letter he said, "I am happy to withdraw my desire expressed earlier to step down from the Bank."

"I remain committed as ever to pursue our mission of creating the most valuable bank for all its stakeholders through happy employees. I look forward to continued guidance and support from you and the Board on this mission," he said in his letter to the Chairman.

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In response to his decision, the Board said it believes that the continuity of management and Vasudevan's leadership would help the Bank sustain its growth in a stable, scalable and inclusive manner. Accordingly, the present ongoing process of identifying a successor to him would stand terminated, the bank said.

The current term of Vasudevan as MD and CEO expires on July 22, 2023. The Board has resolved to renew his term for a further period of three years with effect from July 23, 2023 subject to approval of Reserve Bank of India and shareholders, it said.