IndusInd Bank chairman to step down in January amid organisational overhaul

India's IndusInd Bank Chairman Sunil Mehta will step down after his term concludes in January, two sources with direct knowledge of the matter said, marking the latest leadership change at the private lender. 

The bank reported its largest-ever quarterly loss in the three months ended March 31, following a $230 million hit to its accounts, amid governance and accounting failures that prompted the departure of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana earlier this year. 

IndusInd Bank's board has faced criticism from investors over shortfalls in oversight and delay in disclosing the accounting lapses in its derivative portfolio, which led to the hit to the bank's accounts. 

Sunil Mehta, who has been the chairman of IndusInd since January 2023, has informed the board about his desire to step down at the end of his term, the sources, who declined to be identified as the decision has not been made public yet, said. 

 

Mehta is the former chairman of Yes Bank, which underwent restructuring in 2020, and also of the state-owned Punjab National Bank which was hit with a $1.8 billion fraud.