AgenciesEquitas Small Finance Bank founder cum managing director PN Vasudevan has announced his desire to step down as he wants to pursue his dreams in the development field.
"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 in its next phase of growth." Vasudevan said in a letter to chairman of the board Arun Ramanthan.
He told ET that he owns around 2% in , the holding company for the bank, and this shareholding would not help create a large enough corpus for running the trust on a sustainable basis.
"Unfortunately, our shareholding in Equitas is too small to create a large enough corpus to be able to create a meaningful and long term impact and I need to do something to create this," he also said in the letter dated May 19, 2022.
"We, in our family, have been discussing for some time now, about carrying out multiple interventions through our trust to do our bit for the society. We realised this would require as large a corpus to be created as possible, so that the trust would be assured of steady revenue to carry out our activities sustainably and on scale," he added.
The bank earned 6% higher Rs 120 crore net profit in the March quarter while its gross advances grew 15% year-on-year to Rs 20,597 crore.
"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 in its next phase of growth." Vasudevan said in a letter to chairman of the board Arun Ramanthan.
He told ET that he owns around 2% in , the holding company for the bank, and this shareholding would not help create a large enough corpus for running the trust on a sustainable basis.
"Unfortunately, our shareholding in Equitas is too small to create a large enough corpus to be able to create a meaningful and long term impact and I need to do something to create this," he also said in the letter dated May 19, 2022.
"We, in our family, have been discussing for some time now, about carrying out multiple interventions through our trust to do our bit for the society. We realised this would require as large a corpus to be created as possible, so that the trust would be assured of steady revenue to carry out our activities sustainably and on scale," he added.
The bank earned 6% higher Rs 120 crore net profit in the March quarter while its gross advances grew 15% year-on-year to Rs 20,597 crore.
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