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Governance and perception are still the key business forces
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Governance and perception are still the key business forces

Equitas Small Finance Bank posted its best-ever quarterly profit (₹218 crore) in the same week its founder-CEO, P N Vasudevan, resigned over a perceived conflict of interest: his daughter co-founded an unlisted NBFC, Unico Housing Finance. Vasudevan says the link was disclosed to the board and the RBI, and that the only dealing was one ₹25 crore, 89-day deposit in early 2024, repaid by March 2024. Investors had still raised the issue for about three years, and the stock fell roughly 27% in two sessions to a 52-week low. Brokerages split on the outlook, but the main worry is succession, since the bank has a thin internal bench and an RBI-approved external hire could take three to four months. This fits a 2026 pattern, including HDFC Bank’s chairman exit, Kotak’s CEO transition and IndusInd’s 2025 lapses. In banking, trust failures can cost more than technology failures, which is why governance eats tech for breakfast.

Upendra, FRM, RAI, SCR3 min31 Oct 2026

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