Equitas Small Finance Bank is navigating a pivotal leadership transition as it announces a change at the top. In a board meeting held on November 6, 2026, the bank shared that Balaji Nuthalapadi has received RBI clearance to serve as interim managing director and chief executive officer for a initial term of three months, or until a permanent MD & CEO is appointed, whichever comes first. This move follows the resignation of P. N. Vasudevan from the MD & CEO role, effective immediately, with the board recording its appreciation for his leadership and contributions over the years.
Balaji Nuthalapadi brings a long and storied career in banking and technology to the interim post. Over a 28-year tenure at Citi, he held senior roles across APAC and EMEA, including Head of South Asia Operations & Technology and, more recently, Managing Director & Head, Centralized Controls Testing Execution. He has been serving as the Bank’s Whole-time Director (Executive Director) since March 29, 2025, positioning him to steer the institution through this interim period with a blend of international experience and a deep understanding of Equitas’ operations.
The board’s decision underscores a focus on continuity as the bank embarks on the process of appointing a regular MD & CEO. While the transition unfolds, the leadership team will strive to maintain momentum in Equitas’ growth agenda, assure stable operations for customers and staff, and pursue the strategic objectives that have guided its recent performance. Investors and stakeholders will be watching closely to see how this interim phase translates into long-term leadership alignment and strategic execution for the bank.
As Equitas charts the path forward, the institution emphasizes governance and stability, signaling its intent to finalize a successor who can sustain its momentum in a dynamic financial landscape.