His departure is not related to the derivatives issue that the bank reported earlier this year, a source said Photo credit:
“After he had completed his term of office of three years, [Mehta] will retire next month. His departure is not related to the derivatives issue the bank reported earlier this year,” the source said, adding that the bank is likely to hire a former bureaucrat or senior banker as its next chairman.
“The chairman and board of the bank remain fully committed to leading the organization in line with its strategic priorities. The bank will continue to make necessary disclosures in accordance with applicable laws and at the appropriate stage,” an IndusInd Bank spokesperson told us. business line.
Mehta, the former chairman of Yes Bank and Punjab National Bank, steered the bank through the leadership crisis, which arose after the bank reported discrepancies in its derivatives portfolio, leading to an impact of about ₹2,000 crore on its balance sheet. The derivatives fiasco led to the resignation of former CEO Sumant Kathpalia, deputy CEO Arun Khurana and several other senior executives.
The bank subsequently received regulatory approval to appoint Rajiv Anand as MD, CEO. After Anand took charge, IndusInd Bank hired several senior executives, including Amitabh Kumar Singh, Chief Human Resources Officer (CHRO); Tapobrat Chaudhuri, MD and CEO, Bharat Financial Inclusion Ltd (BFIL); Balaji Narayanamurthy, Chief Data Officer; and Ganesh Sankaran, head of the Wholesale Banking Group, among others.
Earlier this year, in an interaction with business lineAshok Hinduja, chairman of IIHL and promoter of IndusInd Bank, had said, “We have entered into an agreement with the bank as promoter. We have to ask for 2-3 board members. Once that is approved and approved by the RBI, we will appoint. Now that the agreement with the bank has been made, 2-3 representatives will sit on the board.”
Published on December 10, 2025
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