IndusInd Bank Ltd has appointed former State Bank of India MD Arijit Basu as chairman to replace Sunil Mehta, whose tenure ends in January.
Basu, who is currently chairman of HDB Financial Services Ltd and former CEO of SBI Life Insurance Ltd, will take over as chairman of IndusInd Bank on January 31, according to an exchange filing on Friday (January 23, 2026).
Mehta had reportedly informed the IndusInd board about his desire to step down at the end of his tenure. He is the president from January 2023.
The chairman’s departure marks the latest senior leadership change at IndusInd Bank, which reported its biggest ever quarterly loss in FY25 due to a $230 million scam involving then CEO Sumant Kathpalia and his deputy Arun Khurana. Both have 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.
IndusInd Bank shares fell 1.04% on Friday ₹Each scrip closed at 893.10 on the BSE, while the benchmark Sensex fell 0.94% on the day to 81,537.70.
