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Equitas Small Finance Bank Ltd

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Everything published here about this person or organisation, in one place, with whatever they have answered beside it. Nothing on this page is a verdict on them.

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In their own words

  • “Further, in a more recent communication, the RBI has also asked the bank to disclose details of related party transactions with Unico Housing if any.”

    «[T]here was only one bulk deposit for Rs.25 crores placed by Unico with the Bank on January 1, 2024, for a period of 89 days at the rate of 7.5% p.a., in the ordinary course of business. The said deposit was repaid upon maturity on March 30, 2024.» «To reiterate, the Bank has also not given any loans to Unico till date and the bank does not intend to do so in the future either.»

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  • “Further, as per banking regulations, the MD & CEO of a bank should not be an owner of a NBFC or be related to a promoter of NBFC.”

    «[T]he applicable proviso (c) to clause (4) to Section 10B of Banking Regulations Act, 1949 provides that the Managing Director of a Bank either by himself or together with his spouse and minor child should not have substantial interest in any other company. Mr. P N Vasudevan, MD & CEO of the Bank is compliant with this provision.»

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  • “The regulator has also asked the board members if they were adequately appraised about this when Vasudevan sought a three-year extension as MD & CEO of the bank, earlier this year.”

    «The MD & CEO has consistently disclosed the investment made by his daughter in Unico to the Board, both in his annual disclosures as well as at the time of his re-appointment. Further, the said investment has also been disclosed to RBI at the time of submitting the proposals for re-appointment.»

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  • “The Reserve Bank of India has reached out to the board and top management of Equitas Small Finance Bank to understand the nature of the relationship between the bank and Unico Housing Finance.”

    «The word "nexus" seems to indicate existence of transactions or a relationship between the Bank and Unico Housing Finance Private Limited ("Unico") which are not in line with regulatory guidelines. Therefore, in the absence of any transaction or relationship at all between the two entities (except for that one deposit), the question of there being a 'nexus' between the two entities does not arise.»

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