Equitas Small Finance Bank Appoints Balaji Nuthalapadi as Interim CEO

Why in the News?

The Board of Directors of **Equitas Small Finance Bank** approved the appointment of **Balaji Nuthalapadi**, Executive Director and Whole-Time Director, as the **Interim CEO**, subject to regulatory clearance from the Reserve Bank of India (**RBI**).

Key Features / Major Points:

- Context of Appointment:

- Succeeds **P N Vasudevan**, who resigned as MD & CEO following investor concerns regarding a perceived conflict of interest related to his daughter’s association with a Non-Banking Financial Company (NBFC).

- Profile & Background:

- Nuthalapadi brings extensive experience, having spent 28 years at **Citi**, where he served as Managing Director and Head of India Citi Solutions Centers.

- He has held senior regional roles across Asia, Europe, Middle East, and Africa (EMEA) spanning wealth management, technology, and consumer operations.

- Succession Process:

- Nuthalapadi’s appointment takes effect upon RBI approval. Meanwhile, the Board has initiated a formal process to select a permanent MD & CEO.

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Static GK Facts:

- Equitas Small Finance Bank:

- Operations Commenced: **September 5, 2016** | Headquarters: **Chennai, Tamil Nadu**.

- Tagline: **"It's a Change It All Bank"**.

- Small Finance Banks (SFBs) Framework:

- Recommended by: **Usha Thorat Committee**.

- Minimum Paid-Up Voting Capital Requirement: **₹200 Crore**.

- Priority Sector Lending (PSL) Mandate: **75%** of Adjusted Net Bank Credit (ANBC).

One-Liner Quiz (All Competitive Exams):

Q: Who has been named as the interim CEO of Equitas Small Finance Bank?

A: Balaji Nuthalapadi

Q: Where is the corporate headquarters of Equitas Small Finance Bank situated?

A: Chennai, Tamil Nadu

Q: Which RBI committee recommended the framework for setting up Small Finance Banks in India?

A: Usha Thorat Committee

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