Equitas SFB names Balaji Nuthalapadi interim CEO after Vasudevan’s exit

Equitas Small Finance Bank on Tuesday appointed its Executive Director Balaji Nuthalapadi as interim chief executive officer, following the resignation of P N Vasudevan as managing director and CEO last week. The appointment is subject to approval from the Reserve Bank of India (RBI).

The bank's board approved Nuthalapadi's appointment at a meeting held on November 3, based on the recommendation of its Nomination and Remuneration Committee. He has been serving as the bank's Executive Director – Technology and Operations since March 2025.

According to the regulatory filing, his appointment will take effect from the date of receipt of RBI approval, or such other date as may be stipulated by the central bank.

Nuthalapadi will hold the interim position until a regular MD and CEO assumes office, or until another date approved by the RBI. The bank said it has initiated the process of identifying Vasudevan's successor and will submit its recommendation to the central bank in accordance with applicable regulations.

The board also said Vasudevan's relieving date would be decided after receiving RBI approval for the interim CEO's appointment and in consultation with him.

Who is Balaji Nuthalapadi?

Nuthalapadi has over 28 years of experience with Citibank, where he began his career in Chennai in 1997. He completed his post-graduation from the Indian Institute of Management, Ahmedabad, in 1996.

He took over as Head of South Asia Operations and Technology at Citi in May 2021. In his most recent assignment, beginning September 2024, he served as Managing Director and Head of Centralized Controls Testing Execution.

His experience spans global capability centre leadership, operations and technology, profit and loss leadership, sales and wealth management, banking products, re-engineering, retail asset sales and relationship management. He has also served as a member of the Tamil Nadu State Fintech Governing Council.

Vasudevan's resignation

Vasudevan resigned as MD and CEO on October 29, citing persistent investor perception of a conflict of interest involving Unico Housing Finance, an NBFC co-promoted by his daughter. He had said the arrangement was within the regulatory framework and that the matter had been disclosed to the bank's board and the RBI. He also maintained that there had been no loans from Equitas Small Finance Bank to the NBFC.

The resignation announcement triggered a sharp reaction in the stock market. Equitas Small Finance Bank shares have declined around 19% from their October 28 closing price of ₹65.13 to ₹52.65 on November 3. The stock had closed at ₹57.17 on October 29, the day the resignation was announced, and subsequently fell to ₹53.59 on October 30 before slipping further.

In its latest filing, the board placed on record its "deep appreciation and sincere thanks" to Vasudevan for his contributions, leadership and dedicated service during his tenure.