IndusInd Bank Ltd. has appointed former State Bank of India MD Arijit Basu as chairman to replace Sunil Mehta whose term ends in January.
Basu, who is currently chairman of HDB Financial Services Ltd. and a former CEO at SBI Life Insurance Ltd., will take over as IndusInd Bank chairman on 31 January, according to an exchange filing on Friday (23 January 2026).
Mehta had reportedly informed the IndusInd board about his desire to step down at the end of his term. He has been chairman since January 2023.
The chairman’s exit marks the latest senior leadership change at IndusInd Bank, which posted its largest-ever quarterly loss in FY25 due to a $230-million scandal involving then CEO Sumant Kathpalia and his deputy Arun Khurana. The duo has since left the company.
Since then, IndusInd Bank has also appointed a new chief financial officer, a chief human resources officer and several other senior executives.
On Friday, IndusInd Bank shares fell 1.04% to ₹893.10 apiece on the BSE even as the benchmark Sensex ended the day 0.94% lower at 81,537.70 points.
