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What is the story about?
Equitas Small Finance Bank Ltd
on Friday (November 6) said it has received approval from the Reserve Bank of India (RBI) for the appointment of Balaji Nuthalapadi as its interim Managing Director and Chief Executive Officer (MD & CEO) for three months, following the resignation of P N Vasudevan from the post with immediate effect.
The RBI approval, conveyed through a letter dated November 6, was received by the bank at 2:38 pm. Nuthalapadi's appointment will take effect from November 6 for three months or until a regular MD & CEO is appointed, whichever is earlier.
The bank's board, at its meeting held on Friday, also approved the relieving of Vasudevan from the bank's services with immediate effect. The board took on record his letter dated November 5, in which he sought to be relieved from the bank's services at the earliest.
The board placed on record its appreciation for Vasudevan's leadership, vision and contribution to the growth, development and success of the bank.
Who is Balaji Nuthalapadi?
Nuthalapadi has been serving as a full-time director (Executive Director) of Equitas Small Finance Bank since March 29, 2025. He completed his post-graduation from the Indian Institute of Management (IIM) Ahmedabad in 1996 and began his career with Citi in Chennai in 1997.
He has over 28 years of continuous experience with the bank, having held several assignments across markets in Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA).
He took over as Head of South Asia Operations and Technology (O&T) at Citi in May 2021. In his latest assignment, beginning in September 2024, he served as Managing Director and Head of Centralised Controls Testing Execution at Citi.
His experience spans Global Capability Centre leadership, Operations and Technology, profit and loss (P&L) leadership, Sales and Wealth Management, Banking Products, re-engineering, Retail Asset Sales and Relationship Management. Nuthalapadi was also a member of the Tamil Nadu State Fintech Governing Council.
Shares of Equitas Small Finance Bank Ltd ended at ₹54.68, down by ₹0.28, or 0.51%, on the BSE.
The RBI approval, conveyed through a letter dated November 6, was received by the bank at 2:38 pm. Nuthalapadi's appointment will take effect from November 6 for three months or until a regular MD & CEO is appointed, whichever is earlier.
The bank's board, at its meeting held on Friday, also approved the relieving of Vasudevan from the bank's services with immediate effect. The board took on record his letter dated November 5, in which he sought to be relieved from the bank's services at the earliest.
The board placed on record its appreciation for Vasudevan's leadership, vision and contribution to the growth, development and success of the bank.
Who is Balaji Nuthalapadi?
Nuthalapadi has been serving as a full-time director (Executive Director) of Equitas Small Finance Bank since March 29, 2025. He completed his post-graduation from the Indian Institute of Management (IIM) Ahmedabad in 1996 and began his career with Citi in Chennai in 1997.
He has over 28 years of continuous experience with the bank, having held several assignments across markets in Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA).
He took over as Head of South Asia Operations and Technology (O&T) at Citi in May 2021. In his latest assignment, beginning in September 2024, he served as Managing Director and Head of Centralised Controls Testing Execution at Citi.
His experience spans Global Capability Centre leadership, Operations and Technology, profit and loss (P&L) leadership, Sales and Wealth Management, Banking Products, re-engineering, Retail Asset Sales and Relationship Management. Nuthalapadi was also a member of the Tamil Nadu State Fintech Governing Council.
Shares of Equitas Small Finance Bank Ltd ended at ₹54.68, down by ₹0.28, or 0.51%, on the BSE.
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