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The Reserve Bank of India (RBI) has granted another term to P Vasudevan as Managing Director and CEO of Equitas Small Finance Bank on June 16th. This is the second time Vasudevan is appointed on this particular postion. Vasudevan’s term will be of 3 years and it will start from July 23, 2023 to July 23, 2026. The bank has shared this information to exchange in a filing on Friday.
Vasudevan has expressed his desire to step down from his position in May. Reason behind this was Vasudevan’s intent to work for social welfare through his Public Charitable Trust, but In December 2022, the bank announced that Vasudevan will remain as MD and CEO of the bank.
Equitas Small Finance Bank is planning to apply for a universal bank license with the central bank. Talking about this plan Vasudevan said, ‘’ We are keen to work on this and are waiting for the regulator’s approval. This is something we have on cards, and once we get the Reserve Bank of India’s (RBI) approval, we will apply for the same’’.
Vasudevan is the founder of Equitas and has been associated with the organization since 2007. In 2016, under his leadership, Equitas Small Finance Bank was converted into a bank
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