IndusInd Bank appoints Arijit Basu as Part-time Chairman for three years

Key facts

• IndusInd Bank has appointed Arijit Basu as an Additional Director in the category of Non-Executive Independent Director and Part-time Chairman for a three-year term starting 31 January 2026.
• Arijit Basu will succeed Sunil Mehta, whose tenure as the Part-time Chairman and Director of the bank concludes on 30 January 2026.
• The appointee is the former Managing Director (MD) and Board Member of State Bank of India (SBI) and former MD and Chief Executive Officer (CEO) of SBI Life Insurance Company.
• He has previously served as the Chairman of the Board of HDB Financial Services Ltd, which is a subsidiary of HDFC Bank.
• 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.
• He currently serves as an Independent Director for Prudential Plc, Peerless Hospitex and Hospital Research Centre Ltd, and CleanMax Enviro Energy Solutions Ltd.
• The appointment follows the earlier exits of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana amidst investor criticism over accounting lapses in 2025.
• IndusInd Bank shares fell by 10% last year, making it the worst-performing stock on the private bank index, which rose nearly 16% during the same period.
• The bank stated that the appointment is in line with the regulatory disclosures of the Securities and Exchange Board of India (SEBI).