IndusInd Bank has appointed Arijit Basu as Non-Executive Independent Director and part-time Chairman, following Sunil Mehta’s stepping down from his duties as part-time Chairman and Director of the Bank.
In an exchange filing, IndusInd Bank disclosed that in a board meeting of January 23, IndusInd Bank’s Board of Directors approved the appointment of Basu upon recommendations from the Compensation and Nomination & Remuneration Committee and approval of the Reserve Bank of India.
Sunil Mehta to step down on January 30
The Bank said that Sunil Mehta will be relieved of his duties as part-time Chairman and Director of the Bank on January 30, 2026, due to the completion of his tenure.
“The Board and the management place on record their deepest appreciation for the valuable contributions made by Mr. Sunil Mehta. The Board and the management are most grateful for his steadfast leadership and unwavering support in steering the Bank through challenging times,” the Bank said in the exchange disclosure.
Who is Arijit Basu
IndusInd Bank has appointed Arijit Basu as the part-time Chairman, Non-Executive Independent Director for a period of three years. He will be assuming his duties at the bank on January 31, 2026.
Basu has a long career in financial services, serving large banks such as the State Bank of India, to taking board seats and advisory roles at prominent corporations. Prior to his appointment as Chairman of the Board at IndusInd Bank, Basu served as Chairman of the Board of HDB Financial Services, a subsidiary of HDFC Bank, from June 2021 till now.
Basu served as the Managing Director of the State Bank of India from June 2018 to September 2020. Prior to that, he was the Managing Director and CEO of SBI Life from July 2014 to March 2018.
Before assuming a leadership position at the State Bank of India, Basu had a career spanning about 28 years there. He joined the country’s largest bank in 1983 and held multiple positions till his appointment as CEO of Japan Operations in 2006. After that, he was appointed Chief General Manager of the Delhi Circle of the State Bank of India.
Arijit Basu’s education
Arijit Basu completed his bachelor’s degree in Economics from the University of Delhi and holds a master’s degree in History from the same. He has completed the Certified Associate course of the Indian Institute of Bankers.