IndusInd Bank Chairman Sunil Mehta to step down on January 30; Arijit Basu to be his successor

IndusInd Bank Chairman Suni Mehta (left) set to be succeeded by Arijit Basu (right)

• Sunil Mehta to step down as IndusInd Bank Chairman on January 30
• Arijit Basu named part-time Chairman for three years from January 31
• IndusInd Bank to announce October-December quarter results later today

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Private lender IndusInd Bank on January 23 said that its part-time Chairman and director Sunil Mehta will step down effective, January 30, post the completion of his tenure.

Subsequently, Arijit Basu will take over as an Additional Director and part-time Chairman of the Bank for a period of three years, effective from January 31 this year, till January 30, 2029.

The private lender said that the appointment was approved by its board of directors based on the nod from the Reserve Bank of India, and recommendations made by Compensation and Nomination & Remuneration Committee.

Who is Arijit Basu?

Basu most recently served as the Chairman on HDFC Bank's subsidiary HDB Financial Services. He was also managing director of State Bank of India (SBI), prior to which he was the MD and CEO of SBI Life Insurance Company.

He currently also serves as an Independent Director on the boards of Prudential Plc, Peerless Hospitex and Hospital Research Centre Ltd. and CleanMax Enviro Energy Solutions Ltd.

Sunil Mehta, who has been the Chairman of IndusInd since January 2023, led the bank during its crisis last year. The shares of the lender had crashed sharply after reporting the accounting discrepancies.

Following this, the then CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned. Subsequently, Rajiv Anand was appointed as the CEO and MD of the company.

Notably, IndusInd Bank is set to announce its results for the October-December quarter of the ongoing financial year 2026 later today. The stock is currently trading with marginal gains at Rs 906.70 apiece.

Follow all LIVE updates on Q3 earnings here.