IndusInd Bank Chairman to Step Down in January
According to reports, Sunil Mehta, the Chairman of IndusInd Bank, will resign at the end of his term in January. This announcement signifies the most recent in a series of leadership transitions at the private financial institution.
In the first quarter ending on March 31, the bank experienced its largest quarterly loss to date due to a $230 million impact on its financial records, which resulted from governance and accounting deficiencies.
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These issues led to the resignation of the former CEO, Sumant Kathpalia, and Deputy CEO, Arun Khurana, earlier this year.
The board of IndusInd Bank has received backlash from shareholders due to deficiencies in supervision and the tardiness in revealing the accounting irregularities in its derivative portfolio, resulting in a negative impact on the bank's financial statements.
Sunil Mehta, who assumed the role of chairman at IndusInd in January 2023, has indicated to the board his intention to resign upon the conclusion of his term.
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Mehta, who previously served as the chairman of Yes Bank during its restructuring in 2020, also held the position of chairman at the state-owned Punjab National Bank at a time when the institution faced a $1.8 billion financial scandal.
As per news reports, the chairman of the bank and the board members are dedicated to guiding the organization in alignment with its strategic objectives, and the financial institution will continue to provide required information as per relevant regulations and at the appropriate juncture.
AP Hinduja, a part of the prominent Hinduja family based in the UK and holding the majority stake in IndusInd Bank, stated that the board of the bank is currently in the process of undergoing a reorganization and is intending to introduce new members. IndusInd Bank has been in the process of restructuring its organization following the appointment of senior banker Rajiv Anand as its CEO in August 2025.
This week, the financial institution named Ganesh Sankaran as the head of its wholesale operations. Over the past three months, the bank has also appointed a new chief financial officer, a chief human resources officer, and several other senior executives.
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Anand informed reports last month that the process of addressing gaps within the organization and establishing accountability for accounting discrepancies will be finalized by the commencement of the upcoming fiscal year.
He stated that the lender is expected to experience a rate of growth surpassing that of the banking system, with a goal of achieving a return on assets of 1 percent within the upcoming 12-18 months.