ESEquitas Small Finance Bank543243Leadership appointment or

Board approves Balaji Nuthalapadi as Interim CEO; appointment subject to RBI approval

The Board of Equitas Small Finance Bank has approved the appointment of Mr. Balaji Nuthalapadi as Interim CEO.

By ScoutQuest · Tue 3 Nov 2026, 8:45 PM IST · 2 min read

Interim CEO Appointed

Mr. Balaji Nuthalapadi, currently the Bank's Whole-Time Director (Executive Director)

Effective Date

from the date of RBI approval, or such other date RBI stipulates

Preceding Event

resignation of Mr. P. N. Vasudevan as MD & CEO

The decision

• The Board of Directors, at its meeting on November 03, 2026, approved the appointment of Mr. Balaji Nuthalapadi (DIN: 08198456) as the Interim CEO of the Bank.
• He is currently the Whole-Time Director (Executive Director) of the Bank, a position he has held since March 29, 2025.
• The appointment was made on the recommendation of the Nomination and Remuneration Committee and is subject to approval from the Reserve Bank of India (RBI).
• This intimation is submitted in furtherance of, and supersedes, the Bank's earlier disclosure shared on October 29, 2026.

When it takes effect

• The appointment takes effect from the date of RBI approval, or such other date as the RBI may stipulate.
• The term of appointment is till the regular MD & CEO assumes office, or such other date as may be approved by RBI.

Why this is happening

• The appointment as Interim CEO is consequent to the resignation of Mr. P. N. Vasudevan (DIN: 01550885) as the MD & CEO.
• The Board placed on record its appreciation for Mr. Vasudevan's contributions and leadership during his tenure as MD & CEO.
• Upon receipt of RBI approval for the Interim CEO and in consultation with Mr. Vasudevan, the Board will decide his relieving date.
• The Board has also initiated the process of identifying a successor to Mr. Vasudevan and will submit its recommendation to the RBI as per applicable regulations.

Profile of the Interim CEO

• Mr. Balaji Nuthalapadi completed his post-graduation from the Indian Institute of Management (IIM) Ahmedabad in 1996.
• He started his career with Citi in 1997 in Chennai and has since worked in several assignments across markets in APAC and EMEA, with over 28 years of continuous experience with CITI.
• He took over as Head of South Asia Operations & Technology (O&T) effective May 2021; in his latest assignment, from September 2024, he was the Managing Director & Head, Centralized Controls Testing Execution, CITI.
• His experience covers Global Capability Center leadership, Operations and Technology, P&L leadership, sales and wealth management, banking product, re-engineering, retail asset sales and relationship management.
• He has also been a Member of the Tamilnadu State Fintech Governing Council.
• Disclosure of relationship between directors: Nil.

Points a retail investor may note

• The Interim CEO comes from the Bank's own board as Whole-Time Director, so the role is an internal, temporary arrangement rather than an outside hire.
• The actual start date rests with the RBI, since the appointment is effective only from the date of receipt of RBI approval or such other date as the RBI stipulates.
• The term is defined to last only till a regular MD & CEO takes office, and the Board has said the successor search process has begun.

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