IndusInd Bank announces leadership change: Sunil Mehta to exit, Arijit Basu named Additional Director
Sunil Mehta was appointed Chairman of IndusInd Bank in January 2023. Prior to this, he served as Chairman of YES Bank’s Reconstruction Board from March 2020 and was Non-Executive Chairman of Punjab National Bank between 2017 and February 2020.
ADVERTISEMENT
IndusInd Bank has announced that Sunil Mehta, who has served as part-time Chairman and Director, will cease to hold office upon completion of his term, effective January 30, 2026.
Following this, the Bank has appointed Arijit Basu as Additional Director and Part-time Chairman for a period of three years, from January 31, 2026 to January 30, 2029, subject to shareholder approval.
Mehta was appointed Chairman of IndusInd Bank in January 2023. Prior to this, he served as Chairman of YES Bank’s Reconstruction Board from March 2020 and was Non-Executive Chairman of Punjab National Bank between 2017 and February 2020.
Read More: IndusInd Bank to cut ‘low performers’ as new CEO begins turnaround plan
He also served as an Independent Director on the Board of State Bank of India from 2014 to 2017, and held board positions at ACC Ltd and Adani Green Energy Ltd. In addition, Mehta currently serves as a Senior Advisor to several international corporations.
Read More: IndusInd Bank appoints Sheran Mendiratta Mehra as CMO
Earlier in his career, Mehta was Country Head of AIG India, where he established and oversaw all ten AIG businesses across insurance, financial services, real estate, asset management, and investments, including Tata AIG General Insurance and Tata AIA Life Insurance. He also spent over 18 years at Citibank, holding several senior leadership roles, including Corporate Bank Head for Citibank India and Senior Credit Officer.
Basu brings extensive banking and financial services experience to the role. Prior to his appointment at IndusInd Bank, he served as Chairman of HDB Financial Services Ltd, a subsidiary of HDFC Bank. Basu retired as a Board Member and Managing Director of State Bank of India, and earlier served as MD & CEO of SBI Life Insurance Company Ltd.
Read More: IndusInd Bank faces SFIO investigation after auditors flag concerns
Currently, Basu is an Independent Director on the boards of Prudential Plc, Peerless Hospitex and Hospital Research Centre Ltd, and CleanMax Enviro Energy Solutions Ltd. He also serves as a Senior Advisor to Ares Management Corporation and is a member of the Advisory Board of Razorpay Inc.
Basu holds a Master’s degree in Arts from the University of Delhi and is a Certified Associate of the Indian Institute of Bankers.
