IndusInd Bank taps Arijit Basu as new chairman after scandal shake-up
IndusInd Bank has picked Arijit Basu as its next part-time non-executive chairman for a three-year term, starting at the end of January 2026—subject to shareholder approval; the RBI has approved it.
He'll be stepping in for Sunil Mehta, whose term wraps up just a day before.
This leadership change follows a major forex accounting mess previously that cost the bank over ₹2,300 crore and saw both the CEO and deputy leave.
Why does this matter?
The bank is still recovering from the fallout of that scandal and is looking to rebuild trust.
Bringing in someone with Basu's experience signals a fresh start—and could help steady things at the top as IndusInd has appointed a new chief financial officer, a chief human resources officer and several other senior executives.
Who's Arijit Basu?
Basu brings serious banking cred: he's got a master's from Delhi University, is certified by the Indian Institute of Bankers, and has led big names like SBI and SBI Life Insurance.
He recently chaired HDB Financial Services and sits on several company boards—so he knows his way around high-stakes finance.
Who's he replacing?
Sunil Mehta has been steering IndusInd until his retirement at the end of January 2026, guiding it through tough regulatory scrutiny after the forex issue.
He led the bank during its crisis.