Equitas Small Finance Bank Appoints Balaji Nuthalapadi as Interim CEO, Subject to RBI Approval

Equitas Small Finance Bank has appointed Mr. Balaji Nuthalapadi as its interim Chief Executive Officer (CEO), that is subject to the approval from the Reserve Bank of India (RBI). The decision follows the resignation of P N Vasudevan as Managing Director and CEO. Nuthalapadi, currently a whole-time director and executive director of the bank, brings 28 years of experience at Citigroup. The bank has also initiated the process of identifying a permanent successor.

Equitas Small Finance Bank Appoints Balaji Nuthalapadi as Interim CEO

The board of the Equitas Small Finance Bank approved the appointment of Balaji Nuthalapadi as interim CEO on 4th of November 2026, following the recommendation of its Nomination and Remuneration Committee.

His appointment will take effect from the date of RBI approval or another date specified by the central bank.

The bank has also started the process of identifying a permanent successor and will submit its recommendation to the RBI in accordance with applicable regulatory requirements.

Who Is Balaji Nuthalapadi?

Balaji Nuthalapadi is currently a whole-time director and executive director of Equitas Small Finance Bank. He has played an important role in strengthening the bank’s digital capabilities, upgrading technology and improving operational efficiency.

Before joining Equitas Small Finance Bank, he worked with Citigroup for 28 years in several leadership positions.

His professional experience includes,

• Managing Director and Head of India Citi Solutions Centers.
• Head of India Operations and Technology.
• Leadership roles in asset sales and wealth management.
• Experience in consumer operations, technology and business re-engineering.
• Leadership of Citi’s global capability centres and operational hubs in India.

He has also worked across different regions, including Asia, Europe, West Asia and Africa.

Why Did P N Vasudevan Resign?

The appointment follows the resignation of P N Vasudevan as Managing Director and CEO of Equitas Small Finance Bank.

His resignation came after investor concerns about a perceived conflict of interest arising from his daughter’s association with a non-banking financial company (NBFC).

The bank’s board placed on record its appreciation for Vasudevan’s contributions and leadership during his tenure. His relieving date will be determined after RBI approval of the interim CEO appointment and in consultation with him.

What Happens Next?

The appointment of Balaji Nuthalapadi is subject to RBI approval. The bank has initiated the process of selecting a permanent CEO and will submit its recommendation to the central bank.

Equitas Small Finance Bank has stated that it will ensure a smooth leadership transition while maintaining business continuity, customer relationships and its strategic priorities.