IndusInd Bank chairman to step down in January amid organisational overhaul
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IndusInd Bank posted record quarterly losses in March 2025 quarter after governance and accounting issues triggered leadership changes.
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REUTERS/ANUSHREE FADNAVIS
Sunil Mehta will conclude his tenure as IndusInd Bank Chairman in January without seeking reappointment, according to sources familiar with the matter. This continues the leadership transition at the private sector bank.
Recent financial disclosures revealed the bank’s worst-ever quarterly performance ending March 31, 2025, recording losses after a $230 million adjustment. Accounting discrepancies in derivative portfolios preceded exits of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana.
Investor scrutiny has intensified regarding board oversight after delays in reporting financial irregularities. Mehta communicated his departure decision to directors ahead of his term expiration, sources indicate.
The outgoing chairman previously led financial institutions during turbulent periods, including Yes Bank’s restructuring and Punjab National Bank during its $1.8 billion fraud crisis.
Bank representatives emphasized board commitment to strategic objectives, stating: “All required disclosures will follow regulatory timelines.” Shareholder representative AP Hinduja recently confirmed restructuring plans for IndusInd’s board in media statements.
STRATEGIC RESTRUCTURING
Under CEO Rajiv Anand’s leadership since August 2025, the institution has accelerated organizational reforms. Recent weeks saw key appointments including wholesale banking head Ganesh Sankaran, alongside new financial, HR, and operational leadership.
Anand confirmed completion of restructuring and accountability measures by next fiscal year start. Growth targets exceed industry benchmarks with 1% return on assets projected within 12-18 months.
Published on December 10, 2025
