IndusInd Bank chairman Sunil Mehta to step down, Arijit Basu to succeed

Mehta will be succeeded by Arijit Basu, who most recently was the chairman at non-banking finance ​company HDB Financial Services, a unit of India's top private lender HDFC Bank

Indian private lender IndusInd Bank said on Friday that its chairman Sunil Mehta ‍will step down when ​his term ends in January, and named former State Bank of India Managing Director Arijit Basu as his successor.

 

Basu, the chairman of non-banking finance company HDB Financial Services, will take over as IndusInd's chairman on January ​31. Basu has also been the CEO at SBI Life Insurance.

 

Mehta's exit marks the latest senior leadership change at the private lender, which posted its largest-ever quarterly loss last fiscal year, following a $230 million hit to its accounts, with governance and accounting failures prompting the departure of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana.

 

 

IndusInd Bank's shares fell 10% in 2025, making it the worst performer on the Nifty private bank ??index, which gained nearly 16%.

 

The shares were trading flat ‌as of 12:56 p.m. IST on ​Friday ahead of the lender's December quarter results.

 

Reuters reported in December, citing sources, that Mehta, informed ??the board about his desire to step down at ??the ‍end of his term. Mehta was the lender's chairman since January 2023.

 

In the past few months, IndusInd ‍has ‌also appointed a ​new chief financial officer, a ‍chief human resources officer and several other senior executives.