Equitas Small Finance Bank’s managing director and chief executive officer, PV Vasudevan, informed the board about his resignation on Thursday.
Vasudevan is the founder of the Equitas Small Finance Bank. The board, in its meeting on 19th May, has taken the letter on record and wishes to take his deep contribution over the years on record.
The board notified that a committee would be formed shortly to search for a successor, till then, PN Vasudevan will continue as MD and CEO.
According to Vasudevan’s letter shared with the bank, he expressed his desire to quit and concentrate on creating a public charitable body ‘Varshini Illam Trust’ in the name of his daughter and his wife. They are running an adoption centre and found a home for 30 abandoned babies through the government’s adoption process, he added.
In this regard, the bank said that Vasudevan wanted to pursue a distinct set of goals, which he believes will help him contribute further to society than what he is doing now.
The board has desired that he may associate with the bank as permissible under the applicable statute and regulations post the transition.
Prior to joining Equitas Small Finance Bank, he was managing director of ECL. He also served as the executive vice president and head of the consumer banking group in Development Credit Bank Ltd. for more than one year.
He holds a bachelor’s degree in science from the University of Madras and is a qualified company secretary from the Institute of Company Secretaries of India. He has extensive experience in the financial sector.