Arijit Basu quits HDB Financial, appointed chairman of IndusInd Bank

Sunil Mehta to step down as chairman of IndusInd Bank following completion of his term on January 30

IndusInd Bank on Friday said Sunil Mehta will cease to be its part-time chairman and director upon completion of his tenure on January 30, and that the bank has appointed Arijit Basu to the position, effective January 31, following approval from the Reserve Bank of India (RBI). 

Basu, who was serving as chairman and non-executive independent director at HDB Financial Services, resigned from that role on Friday with immediate effect. 

In his resignation letter, Basu wrote: “I was approached to consider the position of non-executive director and chairman of a bank in India. Upon careful thought, including the fact that I will be completing my current term in HDB soon, I conveyed my willingness to be considered. The bank has received necessary regulatory approval and is in the process of finalising the appointment. In view of conflict of interest, I need to step down from the board of HDB.” 

 

Basu served as chairman of HDB Financial Services for five years, and was a few months away from completing his term. He retired as a board member and managing director (MD) of State Bank of India (SBI), and earlier served as MD and chief executive officer (CEO) of SBI Life Insurance. 

He currently serves as an independent director on the boards of Prudential Plc, Peerless Hospitex and Hospital Research Centre, and CleanMax Enviro Energy Solutions. Basu is also a senior advisor to Ares Management Corporation, and a member of the advisory board of Razorpay Inc. He holds a master’s degree in arts from the University of Delhi, and is a certified associate of the Indian Institute of Bankers.

 

Mehta has been the chairman of IndusInd Bank since January 2023, and led the bank during its crisis last year when accounting discrepancies came to light, triggering the resignation of senior leadership, including the former CEO and deputy CEO. The bank subsequently appointed Rajiv Anand as MD&CEO in August last year.

 

“The board and the management place on record their deepest appreciation for the valuable contributions made by Sunil Mehta. The board and the management are most grateful for his steadfast leadership and unwavering support in steering the bank through challenging times,” IndusInd Bank said.