IndusInd Bank on Friday appointed Arijit Basu as an Additional Director in the category of Non-Executive Independent Director and Part-time Chairman for a period of three years, starting January 31, 2026.
This comes after Sunil Mehta's tenure ends on January 30 and will cease to be the Part-time Chairman and Director of the bank.
IndusInd Bank shares were trading at Rs 905 apiece on BSE, almost flat on Friday at 12.25 PM.
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.
Before joining IndusInd Bank, he served as Chairman of the Board of HDB Financial Services Ltd, a subsidiary of HDFC Bank. He earlier retired as Managing Director and Board Member of State Bank of India and had also served as MD and CEO of 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. He is also a Senior Advisor to Ares Management Corporation and a member of the Advisory Board of Razorpay.
IndusInd Bank said Basu is not debarred from holding the office of Director by any order of SEBI or any other authority, in line with regulatory disclosures.
Mehta’s departure marks the latest leadership change at the embattled lender, which in 2025 faced investor criticism over the disclosure of accounting lapses. The episode had led to the exits of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana.
IndusInd Bank’s shares fell 10% last year, making it the worst-performing stock on the private bank index, which rose nearly 16% over the same period.
This comes after Sunil Mehta's tenure ends on January 30 and will cease to be the Part-time Chairman and Director of the bank.
IndusInd Bank shares were trading at Rs 905 apiece on BSE, almost flat on Friday at 12.25 PM.
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.
Before joining IndusInd Bank, he served as Chairman of the Board of HDB Financial Services Ltd, a subsidiary of HDFC Bank. He earlier retired as Managing Director and Board Member of State Bank of India and had also served as MD and CEO of 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. He is also a Senior Advisor to Ares Management Corporation and a member of the Advisory Board of Razorpay.
IndusInd Bank said Basu is not debarred from holding the office of Director by any order of SEBI or any other authority, in line with regulatory disclosures.
Mehta’s departure marks the latest leadership change at the embattled lender, which in 2025 faced investor criticism over the disclosure of accounting lapses. The episode had led to the exits of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana.
IndusInd Bank’s shares fell 10% last year, making it the worst-performing stock on the private bank index, which rose nearly 16% over the same period.
