ESFB chief PN Vasudevan resigns; to pursue ‘distinct set of goals’

NEW DELHI: Equitas Small Finance Bank (ESFB) Founder and CEO PN Vasudevan has asked the lender to look for his successor as he wants to hang up his boots to pursue “a distinct set of goals”.

He is also the Managing Director of the Chennai-based Equitas, which began as a micro finance institution in 2007 and was later converted into the bank in 2016.

In a regulatory filing, the bank shared Vasudevan’s letter, in which he has expressed his desire to quit but did not give a timeline.

Vasudevan said he would continue until a successor is found.

The bank has received a letter from Vasudevan and now he wants to pursue a distinct set of goals, which he believes, will help him contribute further back to society, more than what he is doing now, ESFB said in the filing on Thursday.

The lender’s board, during its meeting on Thursday, took the letter on record.

“The board would be forming a search committee shortly to undertake the process of identifying a successor. Vasudevan would continue as the MD & CEO till the succession and transition process is completed,” it added.

Further, the lender said that post the transition, the board desires that he may be associated with the bank in any other capacity, as permissible under applicable norms.

In his letter to the lender’s Chairman Arun Ramanathan, Vasudevan said he along with his wife has created a public charitable trust in their daughter’s name, Varshini Illam Trust.

He said they are running an adoption centre and have found a home for about 30 abandoned babies basis through government adoption process.

Vasudevan said many of these babies have development deficiencies.

His letter also acknowledged that the problem of development deficiencies in small babies is especially acute in upcountry due to a combination of low awareness of parents, inadequate financial means and lack of access to quality therapy centres.

To address this problem they have launched a project in the trust to take quality medical and therapy treatment to rural and semi-urban areas at their door-step to those in the age group of 0-3 years.

“In view of the above, I request the board to look for a successor to my current position. I would be happy to be of help in identifying my successor, who, I am confident, would steer the bank into its next phase of growth keeping the values and ethos with which we had started Equitas,” Vasudevan wrote in the letter.