3 publishers · first seen Thu, 29 Oct 2026 15:25 UTC · updated Thu, 29 Oct 2026 19:32 UTC
Equitas Small Finance Bank's managing director and chief executive PN Vasudevan has resigned, with the board accepting his decision and requesting him to continue until a successor is appointed. Vasudevan cited a 'perception of conflict of interest' due to his daughter Varshini Vasudevan Pathangi being co-promoter of Unico Housing Finance, an NBFC licensed by the Reserve Bank of India in 2023, as the reason for stepping down, despite stating that the relationship was disclosed and within regulatory norms.
He maintained there were no ongoing transactions between the bank and the NBFC, apart from a short-term deposit repaid two and a half years ago, and that investors' persistent concerns over the perceived conflict were affecting the bank's stock performance. Equitas SFB's shares fell 20% intraday before closing 12.39% lower at Rs 56.99, and the bank reported a record quarterly net profit of ₹218 crore for Q2FY27.
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