Equitas Small Finance Bank names Balaji Nuthalapadi as Interim CEO
Board initiates the process to identify a successor to P. N. Vasudevan
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Published: Nov 4, 2026 2:55 PM | 2 min read
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- Equitas Small Finance Bank Limited has appointed Balaji Nuthalapadi as Interim Chief Executive Officer (CEO), pending approval from the Reserve Bank of India (RBI), following the resignation of P. N. Vasudevan.
- Nuthalapadi, currently a Whole-Time Director at the bank, has extensive experience from his 28-year tenure at Citi, where he held various leadership roles across Asia and EMEA.
- The bank aims to ensure a smooth transition to maintain stability for its stakeholders and investors.
- The Board expressed gratitude to P. N. Vasudevan for his contributions and will determine his relieving date after receiving RBI approval for Nuthalapadi's appointment.
Equitas Small Finance Bank Limited announced on 3 November 2026 that its Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Balaji Nuthalapadi, currently serving as a Whole-Time Director (Executive Director) of the Bank, as its Interim Chief Executive Officer (CEO), subject to the approval of the Reserve Bank of India (RBI).
The appointment follows the resignation of P. N. Vasudevan as Managing Director and CEO of the Bank. Nuthalapadi's appointment will take effect from the date of RBI approval or such other date as may be stipulated by the RBI. Equitas Small Finance Bank Limited shall ensure to its stakeholders and investors that smooth and seamless transition which connote stability.
Prior to joining Equitas Small Finance Bank Limited, Nuthalapadi was with Citi for 28 years and served as Managing Director and Head of India Citi Solutions Centers and Head of India Operations and Technology. He worked in multiple geographies across Asia & EMEA in roles spanning asset sales, wealth management, re-engineering, consumer operations and technology and Global Capability Center leadership where he led the scale-up of Citi’s global hubs in India.
The Board has placed on record its deep appreciation and sincere gratitude to P. N. Vasudevan for his invaluable contributions, exemplary leadership and dedicated service to the Bank during his tenure. The Bank will determine his relieving date following the receipt of RBI approval for the interim CEO appointment and in consultation with P. N. Vasudevan.
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