IndusInd Bank has announced a key leadership change at the board level, with Arijit Basu set to take over as its new chairman following regulatory approval.
The bank said that Sunil Mehta will cease to be part-time chairman and director upon completion of his tenure on January 30, and Basu will assume charge as non-executive chairman from January 31, after receiving approval from the Reserve Bank of India.
Arijit Basu Resigns From HDB Financial
Ahead of his appointment at IndusInd Bank, Arijit Basu resigned as chairman and non-executive independent director of HDB Financial Services with immediate effect.
In his resignation letter, Basu said he was approached for the role of chairman at a bank in India and, after due consideration, expressed his willingness to be considered. He added that the appointment has received regulatory approval and is now being formalised.
“In view of conflict of interest, I need to step down from the board of HDB,” Basu stated in his resignation letter.
Leadership Transition at IndusInd Bank
IndusInd Bank clarified that the appointment follows the completion of Sunil Mehta’s tenure as part-time chairman and director. Mehta’s term concludes on January 30, marking the end of his association with the bank’s board.
Basu’s appointment is expected to ensure continuity at the board level while strengthening governance at a time when the private banking sector remains under close regulatory scrutiny.
Basu’s Background in Financial Services
Arijit Basu is a seasoned banking professional with decades of experience across public and private sector financial institutions. His move from HDB Financial to IndusInd Bank places him at the helm of one of India’s leading private lenders at a crucial phase for the sector.
The bank has not announced any other changes to its board or senior management alongside the chairman transition.
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