IndusInd Bank announced that Arijit Basu will succeed part-time Chairman Sunil Mehta.
Basu will serve as Additional Director and part-time Chairman for a three-year term from January 31, 2026, to January 30, 2029.
The appointment was approved by the bank’s board following RBI clearance.
Hinduja Group-backed private lender IndusInd Bank on January 23 announced that Arijit Basu will succeed its part-time Chairman and director Sunil Mehta, who is stepping down effective January 30, following the completion of his tenure.
Basu will take up the role of Additional Director and part-time Chairman for a three-year term, starting January 31, 2026, and running until January 30, 2029.
1 January 2026
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The appointment was approved by the bank’s board of directors, following clearance from the Reserve Bank of India (RBI) and recommendations from the Compensation and Nomination & Remuneration Committee of the board.
Basu brings extensive banking experience, having served as Chairman of HDB Financial Services, a subsidiary of HDFC Bank. He was previously Managing Director of State Bank of India and also held the role of MD and CEO at SBI Life Insurance Company.
He currently serves as an Independent Director on the boards of Prudential Plc, Peerless Hospitex and Hospital Research Centre Ltd., and CleanMax Enviro Energy Solutions Ltd.
Mehta’s departure is the latest in a series of leadership changes at IndusInd Bank, which faced investor criticism in 2025 over an accounting lapse revealed earlier that year. The controversy led to the resignations of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana, after which Rajiv Anand was appointed CEO and MD.
Since than, the company has seen more top leadership depart. IndusInd Bank’s head of customer management, Rana Vikram Anand, and head of wealth and para banking, Anish Behl, have resigned from their roles earlier this month. Anand’s tenure is set to conclude on April 1, while Behl will step down after January 30.
In his resignation letter, Anand stated that he is leaving to explore new career opportunities and expressed gratitude to the bank for the support he received during his tenure. Behl indicated that he intends to focus on prospects within the insurance sector.
IndusInd Bank is set to announce its results for the October–December quarter of FY26 later today. Its shares are trading marginally higher at ₹903.20 apiece on the BSE at 1:23 PM.
