Arijit Basu Appointed as New Chairman of IndusInd Bank

MUMBAI – IndusInd Bank Limited has announced a major leadership transition following its Board meeting on January 23, 2026. Mr. Arijit Basu, a veteran of the Indian banking industry and former Managing Director of State Bank of India (SBI), has been appointed as the Part-time Chairman and Non-Executive Independent Director of the Bank.

Mr. Basu will succeed the outgoing Chairman, Mr. Sunil Mehta, who completes his distinguished tenure on January 30, 2026. The new appointment is effective from January 31, 2026, for a period of three years, subject to the approval of shareholders.

Profile of the Incoming Chairman: Arijit Basu

Mr. Basu is recognized as one of India’s most seasoned banking leaders, with over 37 years of experience in various facets of the financial sector.

• Former MD of State Bank of India (SBI): He retired as the Managing Director of India's largest lender, where he oversaw critical portfolios including Commercial Credit, IT, and Stressed Assets.
• SBI Life Leadership: He previously served as the MD & CEO of SBI Life Insurance, leading the company through its successful Initial Public Offering (IPO) in 2017.
• HDB Financial Services: Until today, he served as the Chairman of HDB Financial Services (a subsidiary of HDFC Bank), from which he resigned to take up the role at IndusInd Bank.
• Academic Credentials: He holds a Master’s degree from the University of Delhi and is a Certified Associate of the Indian Institute of Bankers (CAIIB).

Strategic Significance of the Appointment

The transition comes at a pivotal time for IndusInd Bank as it navigates a governance overhaul and focuses on strengthening its balance sheet. Mr. Basu’s deep expertise in Risk Management, Corporate Credit, and Digital Transformation is expected to provide strong institutional guidance.