New Delhi, Nov 4 (PTI) Equitas Small Finance Bank on Wednesday said it has appointed its Executive Director Balaji Nuthalapadi

New Delhi, Nov 4 (PTI) Equitas Small Finance Bank on Wednesday said it has appointed its Executive Director Balaji Nuthalapadi

New Delhi, Nov 4 (PTI) Equitas Small Finance Bank on Wednesday said it has appointed its Executive Director Balaji Nuthalapadi

New Delhi, Nov 4 (PTI) Equitas Small Finance Bank on Wednesday said it has appointed its Executive Director Balaji Nuthalapadi as interim Chief Executive Officer (CEO), subject to RBI approval, following the resignation of MD and CEO PN Vasudevan.

    The bank's board approved Nuthalapadi's appointment on November 3, based on the recommendation of the Nomination and Remuneration Committee, Equitas Small Finance Bank said in a regulatory filing.

    His appointment will take effect from the date of the Reserve Bank of India (RBI) approval or any other date stipulated by the central bank, it added.

    Nuthalapadi, who is currently serving as an Executive Director of the bank, has played a role in strengthening its digital capabilities, upgrading technology and improving operational efficiency.

    Prior to joining Equitas Small Finance Bank, he worked with Citibank for 28 years, where he served as MD and Head of India Citi Solutions Centers, as well as Head of India Operations and Technology.

    The bank said it would ensure a smooth and seamless transition to maintain stability for its stakeholders and investors.

    Last week, Vasudevan resigned as MD and CEO of the bank over alleged conflict of interest.

    He has been associated with Equitas SFB since its inception as a microfinance institution in 2007 and played a key role in its transition into a small finance bank in 2016.

    In his resignation letter to Equitas Small Finance Bank Chairman Anil Sharma, Vasudevan had said the perception of a conflict of interest arising from his daughter being the co-promoter of an NBFC had persisted despite disclosures to the bank's board and the Reserve Bank of India (RBI).

    Despite explaining the position repeatedly during investor meetings over the past three years, the perceived conflict continued to weigh on the bank's stock performance, and investors had told him the overhang was affecting value creation for shareholders and employees.

(This story has not been edited by THE WEEK and is auto-generated from PTI)