Basu resigned on Friday as chairman of HDB Financial Services, the non-banking financial arm of HDFC Bank. This came after Mehta had decided against a fresh term.
The initial public offering of HDB Financial Services last year took place under his watch.
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 for five years and was a few months away from completing his term.
He serves as independent director on the boards of Prudential Plc, Peerless Hospitex and Hospital Research Centre, and CleanMax Enviro Energy Solutions. He is also a senior advisor to Ares Management Corporation and a member on the advisory board of Razorpay Inc.
Basu joined SBI in 1983 as probationary officer and became managing director (MD) in 2018. He retired from SBI in 2020.
Basu also served SBI Life Insurance Company as its MD and chief executive officer (CEO) from August 2014 to March 2018. During his tenure, the company listed on the stock exchanges in October 2017.
In SBI, Basu held key positions, which include chief general manager of the Delhi Circle and regional head and CEO of Japan operations in Tokyo. Additionally, he worked in various verticals of the bank including corporate banking, international banking, retail banking, and human resources, and was also part of the business process reengineering (BPR) initiative undertaken by the bank.
Basu, a graduate in economics from Hindu College, Delhi, 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 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 its CEO and deputy CEO. The bank subsequently appointed Rajiv Anand as MD and 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.
Mehta is credited to have steadied ship at Punjab National Bank when it was rocked by the Nirav Modi controversy. He was appointed non-executive chairman of Yes Bank under the bank’s “reconstruction scheme” from March 2020 to July 2022.
 "Basu served as chairman of HDB Financial Services for five years and was a few months away from completing his term.")