Who is Arijit Basu? IndusInd names ex-SBI MD as Chairman after Sunil Mehta steps down
InduInd Bank appointed former State Bank of India Managing Director Arijit Basu as Chairman on Friday, January 23, following the resignation of Sunil Mehta.
Effective Saturday, January 31, Basu was appointed for a three-year term, subject to shareholder approval.
While Mehta is stepping down after three years as Chairman of IndusInd, here is a brief profile of his successor:
Who is Arijit Basu?
According to IndusInd’s exchange file, Arijit Basu holds a master’s degree in arts from the University of Delhi and has completed the Indian Institute of Bankers Certified Associate course.
Prior to his appointment as Chairman of IndusInd Bank, Arijit Basu served as Chairman of HDB Financial Services Ltd., a subsidiary of HDFC Bank Ltd. He retired from State Bank of India as a Board Member and Executive Director. Basu also served as MD and CEO of SBI Life Insurance Company Ltd.
He currently serves as an Independent Director on the boards of Prudential Plc, Peerless Hospitex, Hospital Research Center and CleanMax Enviro Energy Solutions. He is also a Senior Advisor to Ares Management Corporation and a member of the Advisory Board of Razorpay Inc.
Sunil Mehta’s resignation
Mehta’s departure marks the latest leadership change after the private lender’s biggest-ever quarterly losses ₹2,328.9 crore for the three months ended March 31. According to the Reuters report, the main reason for this loss was due to increased provisioning and reduced revenue due to governance and accounting concerns. This was followed by the resignations of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana earlier this year.
He also added that IndusInd Bank’s board has faced criticism from investors over inadequate auditing and delays in disclosing accounting errors in its derivatives portfolio, which has adversely affected the bank’s financial position.
Shares of InduInd Bank will fall 10% in 2025, making it the worst performer in the Nifty private bank index, which gained almost 16%.
Over the past few months, IndusInd has appointed a new chief financial officer, a chief human resources officer and several other senior executives.
