- IndusInd Bank Chairman Sunil Mehta will not seek reappointment in January 2026
- Mehta’s current three-year tenure will conclude before he leaves the lender’s board
- Leadership changes follow governance issues causing losses of around Rs 2,000 crore
IndusInd Bank Chairman Sunil Mehta will not seek a reappointment in January 2026, two people with direct knowledge of the matter said. Mehta will conclude his current three-year tenure and then move on from the lender's board.
According to the first person quoted above, this development has been communicated to the bank's leadership, its board and the promoters already.
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Mehta, who has previously chaired boards at Punjab National Bank and the reconstructed Yes Bank, had continued to run affairs at IndusInd Bank between April and August 2025 during a management transition.
“The bank's chairman and the board remain fully committed to leading the organisation in line with its strategic priorities. The Bank will continue to make necessary disclosures in accordance with applicable laws and at the appropriate stage,” IndusInd Bank said in its response to queries.
Mehta declined to comment.
In an interview with The Economic Times newspaper, IndusInd Bank promoter Ashok P Hinduja had mentioned that a new chairman would take over the bank in January.
IndusInd Bank had fallen into a leadership crisis in April, after both its then CEO Sumant Kathpalia and Deputy CEO Arun Khurana exited in quick succession in April.
The exits were due to serious corporate governance concerns at the bank which came to light after the lender admitted that discrepancies in its derivatives book had caused a financial loss of approximately Rs 2,000 crore. Later investigations revealed sizeable accounting discrepancies in the Microfinance book as well.
Mehta was thrust to the centre stage, entrusted with navigating a difficult scenario for the bank and its reputation. The board led by Mehta appointed a two-member committee which ran daily affairs. The board also stepped up its hunt for a new CEO. In August, Rajiv Anand, former deputy managing director at Axis Bank, took over charge at IndusInd Bank.
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