IndusInd Bank named former State Bank of India Managing Director Arijit Basu as the Chairman on Friday, 23 January, following Sunil Mehta's stepping down from the position.
Effective from Saturday, 31 January, Basu has been appointed for a three-year term, subject to the approval of shareholders.
As Mehta resigns after serving as IndusInd's Chairman for three years, here's a brief profile of his successor:
Who is Arijit Basu?
Arijit Basu holds a master's degree in arts from the University of Delhi and has completed the Certified Associate course of the Indian Institute of Bankers, according to IndusInd's exchange filing.
Before being appointed as Chairman of the Board of IndusInd Bank, Arijit Basu served as Chairman of the Board of HDB Financial Services Ltd, a subsidiary of HDFC Bank Ltd. He retired as a Board Member and Managing Director of the State Bank of India. Basu also served as the MD and CEO of SBI Life Insurance Company Ltd.
He is currently an Independent Director on the boards of Prudential Plc, Peerless Hospitex, Hospital Research Centre and CleanMax Enviro Energy Solutions. He is also a Senior Advisor to Ares Management Corporation and is a member of the Advisory Board of Razorpay Inc.
Sunil Mehta's resignation
Mehta's departure marks the latest leadership change at the private lender, following its biggest-ever quarterly loss of ₹2,328.9 crore for the three months ending 31 March. The loss was mainly caused by increased provisioning and reduced income, amid governance and accounting concerns, which were followed by the resignations of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana earlier this year, according to a Reuters report.
It further added that IndusInd Bank's board has faced investor criticism for inadequate oversight and delays in disclosing accounting lapses in its derivative portfolio, which negatively impacted the bank's finances.
IndusInd Bank's shares dropped 10% in 2025, making it the worst performer on the Nifty private bank index, which gained almost 16%.
Over the past few months, IndusInd has appointed a new chief financial officer, a chief human resources officer, and several other senior executives.
