Private lender IndusInd Bank has appointed former State Bank of India managing director Arijit Basu as its Chairman, after Sunil Mehta’s tenure ends on 30 January.

Basu will have a three-year term, effective from 31 January 2026. 

The appointment is subject to shareholders’ approval.

Basu served as Chairman of the Board of HDB Financial Services Ltd, a subsidiary of HDFC Bank, after retiring from SBI as managing director and board member. He also served as the MD and CEO of SBI Life Insurance Company.

He is currently an independent director on the boards of Prudential Plc, Peerless Hospitex, Hospital Research Centre and CleanMax Enviro Energy Solutions. He is also a senior advisor to Ares Management Corporation and is a member of the advisory board of Razorpay.

IndusInd Bank said Basu is not debarred from holding the office of director by any order of SEBI or any other authority, in line with regulatory disclosures.

Basu holds a master’s degree in arts from the University of Delhi and has completed the Certified Associate course of the Indian Institute of Bankers.

Mehta’s departure marks the latest leadership change at IndusInd Bank, following its disclosure in 2025 of accounting lapses. This led to the exits of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana.

The bank has, over the past few months, hired a new chief financial officer, a chief human resources officer and several other senior executives.