IndusInd Bank's Chairman Sunil Mehta to Step Down
IndusInd Bank has released a statement regarding the departure of Sunil Mehta, who has held the positions of part-time Chairman and Director. His tenure will come to an end on January 30, 2026. Following this decision, the Bank has designated Arijit Basu as an Additional Director and Part-time Chairman for a term of three years, commencing on January 31, 2026, and concluding on January 30, 2029, contingent upon approval from shareholders.
Mehta’s appointment as Chairman of IndusInd Bank in January 2023 marked a significant milestone in his career. Preceding this position, he held the Chairman role for YES Bank’s Reconstruction Board starting from March 2020.
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He also served as the Non-Executive Chairman of Punjab National Bank from 2017 until February 2020. From 2014 to 2017, he held the position of Independent Director on the Board of State Bank of India, and also took on board roles at ACC Ltd and Adani Green Energy Ltd.
Moreover, Mehta acts as a Senior Advisor to multiple international corporations in his current capacity.
In the early stages of his professional journey, Mehta served as the Country Head of AIG India, responsible for the successful establishment and management of all ten AIG enterprises spanning various sectors such as insurance, financial services, real estate, asset management, and investments. This included overseeing the operations of prominent entities like Tata AIG General Insurance and Tata AIA Life Insurance.
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Furthermore, Mehta accumulated extensive experience during his tenure of over 18 years at Citibank, where he held multiple high-ranking positions, including that of Corporate Bank Head for Citibank India and Senior Credit Officer. Basu possesses a considerable amount of experience in banking and financial services, which he brings to his current position. Before joining IndusInd Bank, he held the position of Chairman at HDB Financial Services Ltd, a subsidiary of HDFC Bank.
Basu previously served as a Board Member and Managing Director at State Bank of India, and also held the roles of MD & CEO at SBI Life Insurance Company Ltd. At present, Basu holds the position of Independent Director on the boards of Prudential Plc, Peerless Hospitex and Hospital Research Centre Ltd, and CleanMax Enviro Energy Solutions Ltd.
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Additionally, he acts as a Senior Advisor to Ares Management Corporation and is a member of the Advisory Board of Razorpay Inc. Basu has earned a Master’s degree in Fine Arts from the esteemed University of Delhi and holds certification as an Associate of the Indian Institute of Bankers.