The bank said that its board would be forming a search committee shortly to undertake process of identifying a successor.
Equitas Small Finance Bank on Thursday notified the stock exchanges that its Managing Director (MD) and Chief Executive Officer (CEO) P N Vasudevan has resigned from the post citing desire to pursue other goals.
“He now wants to pursue a distinct set of goals, which he believes, will help him contribute further back to society, more than what he is doing now,” the bank said in a regulatory filing.
Vasudevan is the founder of Equitas, which began its journey in 2007 starting off as a Micro Finance Institution and later converting into the bank in 2016.
“The Board in its meeting held today (May 19, 2022) has taken the letter on record and wishes to place on record its deep appreciation of the contribution made by Vasudevan over the years,” it added.
Further, the bank said that its board would be forming a search committee shortly to undertake process of identifying a successor. Vasudevan would continue as MD & CEO till the succession and transition process is completed, it added.
Post the transition, the Board desires that he may be associated with the bank in any other capacity, as permissible under applicable statute and regulations.
In his letter to the lender’s Chairman Arun Ramanathan, Vasudevan said he along with his wife has created a public charitable trust in their daughter’s name, Varshini Illam Trust.
He said that they are running an adoption centre and have found a home for about 30 abandoned babies basis through government adoption process.
Vasudevan said many of these babies have development deficiencies.
His letter also acknowledged that the problem of development deficiencies in small babies is especially acute in upcountry due to a combination of low awareness of parents, inadequate financial means and lack of access to quality therapy centres.
To address this problem they have launched a project in the trust to take quality medical and therapy treatment to rural and semi-urban areas at their door-step to those in the age group of 0-3 years.
”In view of the above, I request the board to look for a successor to my current position. I would be happy to be of help in identifying my successor, who, I am confident, would steer the bank into its next phase of growth keeping the values and ethos with which we had started Equitas,” Vasudevan wrote.
Vasudevan concluded, “My over 18000 colleagues are part of my family. I have tried to do my best for them. I have received unbounded love and affection from them. I have met most of my colleagues and cherish the extreme warmth and caring they have shown to me in those interactions, however much I may have been underserving, of the same. I reach out to every one of our colleagues to understand and support me in my journey towards contributing more to the society we all live in. I am sure we will continue to build Equitas as a world class organization in the coming years.”
Shares of Equitas SFB closed 0.13 per cent higher at Rs 115.95 apiece on BSE.
Meanwhile, Equitas Small Finance Bank had earlier reported almost flat growth in its net profit at Rs 120 crore for the quarter ended March 2022. It had posted a net profit of Rs 113 crore in the same quarter a year ago.
Total income in Q4 FY22 rose to Rs 1,044 crore as against Rs 997 crore in the same quarter of FY21, Equitas SFB said in a regulatory filing.