- Sunil Mehta will step down as IndusInd Bank chairman on Jan 30, 2026
- Board praised Mehta's leadership during his three-year tenure at the bank
- Arijit Basu appointed as new Part-Time Chairman from Jan 31, 2026 to Jan 30, 2029
IndusInd Bank on Friday informed that its Part-time Chairman and Director, Sunil Mehta, will step down on completion of his tenure on Jan 30, 2026, marking the end of a three-year stint at the helm. In a regulatory filing, the lender said its board recorded “deepest appreciation” for Mehta's contributions, crediting his leadership and support in guiding the bank through challenging periods.
Mehta, who took over as chairman in January 2023, will hand over the gavel after the board completes its planned succession process, the filing indicated. The board has also approved the appointment of Arijit Basu as an 'Additional Director' in the category of Non-Executive Independent Director and PartTime Chairman of the Bank for a period of three years with effect from Jan 31, 2026 upto Jan 30, 2029 (both days inclusive), subject to the approval of the Shareholders of the Bank.
The appointment was cleared at the board meeting held on Jan 23, 2026, following the recommendations of the Compensation and Nomination & Remuneration Committee and receipt of approval from the Reserve Bank of India, according to the filing. The bank noted that the meeting began at 11:48 a.m. (IST) and concluded discussions on the proposal at 11:54 a.m. (IST), after which the board proceeded with other agenda items.
Basu is a former Managing Director of State Bank of India and has held senior leadership roles across banking and insurance, giving him broad experience in financial services, market watchers noted.
The bank said details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with a SEBI circular dated Nov 11, 2024, have been provided in an annexure to the exchange disclosure. The leadership transition will take effect immediately after Mehta's tenure ends, with Basu assuming charge the next day.
Arijit Basu holds a master's degree in arts from the University of Delhi and has completed the course of Certified Associate of Indian Institute of Bankers. Prior to his appointment as Chairman of the Board at IndusInd Bank, Mr. Arijit Basu served as Chairman of the Board of HDB Financial Services Ltd., a subsidiary of HDFC Bank Ltd. Mr. Arijit Basu retired as a Board Member and Managing Director of State Bank of India. Prior to that he was the MD & CEO ofSBI Life Insurance Company Ltd.
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