Equitas Small Finance Bank said on Friday, November 6, that it has received approval from the Reserve Bank of India for the appointment of Balaji Nuthalapadi as its interim Managing Director and Chief Executive Officer for three months. The RBI approval, conveyed through a letter dated November 6 and received by the bank at 2:38 pm, takes effect from November 6 and runs for three months or until a regular MD and CEO is appointed, whichever is earlier. The bank's board, meeting the same day, also approved relieving founder P.N. Vasudevan of the bank's services with immediate effect.

Source: Equitas SFB intimation reported by 7Globe

This approval completes the step this story has been waiting on since the board first moved: on November 3, the board — on the recommendation of its Nomination and Remuneration Committee — had named Nuthalapadi, then the bank's whole-time director (executive director), as interim CEO expressly subject to RBI approval, following Vasudevan's resignation as MD and CEO. Awaaz Punjab reported Vasudevan's exit earlier, when the bank's shares fell sharply despite a record quarterly profit.

Source: BFSI Network (Elets)

3 monthsInterim term approved by the RBI
Nov 6, 2026Appointment takes effect
Mar 29, 2025Nuthalapadi serving as executive director since

Nuthalapadi has been serving as a full-time director (executive director) of Equitas Small Finance Bank since March 29, 2025, which the bank cited in its intimation as the basis for handing him the interim charge.

Source: Equitas SFB intimation reported by 7Globe

The interim arrangement is a bridge, not the destination: the board has initiated the process of identifying a permanent successor to Vasudevan and will submit its recommendation to the RBI in accordance with regulatory requirements. Until that appointment is made and cleared, Nuthalapadi runs the bank.