Equitas Small Finance Financial institution (ESFB) on Wednesday stated that the Reserve Financial institution of India has okayed its proposal to reappoint MD and CEO Vasudevan P N for one yr.

”We want to inform that pursuant to the financial institution’s utility vide its letter dated Might 23, 2022, RBI vide its letter dated June 15, 2022 has accredited the proposal to reappoint Vasudevan P N because the Managing Director & Chief Govt Officer (MD &CEO) of the financial institution, for a interval of 1 yr with impact from July 23, 2022,” it stated in a regulatory submitting.

Earlier in Might this yr, ESFB founder and CEO Vasudevan P N had requested the lender to search for his successor as he wished to step right down to pursue ”a definite set of objectives”.

He’s additionally the Managing Director of Equitas, which started as a micro finance establishment in 2007 and was later transformed into financial institution in 2016.

In a letter to ESFB final month, Vasudevan expressed his need to stop however didn’t gave a timeline.

Vasudevan stated he alongside together with his spouse has created a public charitable belief of their daughter’s identify, Varshini Illam Belief, and that they’ve launched a challenge within the belief to take high quality medical and remedy remedy to rural and semi-urban areas at their doorstep to these within the age group of 0-3 years.

”The board can be forming a search committee shortly to undertake the method of figuring out a successor. Vasudevan would proceed because the MD & CEO until the succession and transition course of is accomplished,” ESFB stated in its inventory trade submitting on Might 19.

Equitas SFB scrip closed 1.03 per cent decrease at Rs 38.60 apiece on BSE.

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