PN Vasudevan, who had previously announced that he planned to step down as the MD and CEO of Equitas Small Finance Bank in May 2022, has changed his mind and will now continue working in this role for the bank. This comes after he had previously stated that he wanted to step down. He had already stated his desire to stand aside from these posts before making the announcement. This is a response to the statements made by the Board in their article, in which the individual announced his desire to step down from his position on May 19, 2022.
In a letter that was distributed to the bourses, the Board of Directors made the following statement: “The Board believes that continuity of management and his leadership will aid the Bank in maintaining its expansion in a way that is stable, scalable, and inclusive.” Because of this, the ongoing procedure that has been going on up to this point to identify someone to take over once he leaves will finally conclude.
The position of Managing Director and Chief Executive Officer of the Bank that Vasudevan now holds is set to expire on July 22, 2023. His present tenure will be extended by a further three years, commencing on July 23, 2023, as a result of a resolution adopted by the Board of Directors earlier today. This decision must first receive authorization from the Reserve Bank of India, and then, if necessary, it must receive authorization from the shareholders.
When Vasudevan announced in May 2022 that he intended to stand aside from his post, he stated that he wanted to devote his time to engaging in activities that would contribute to the development of a sizeable corpus for the Varshini llam Trust. This would make it possible for the Trust to continue its operations, such as providing door-to-door therapy services for infants and toddlers who come from families with low incomes, on a basis that is both scalable and sustainable. The fact that Vasudevan wants to spend his time engaging in these activities is consistent with what he has previously stated that he wants to accomplish.
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