IndusInd Bank Limited has announced key changes in its senior management structure, appointing new leadership for critical risk and credit functions. The appointments, effective February 24, 2026, represent strategic moves to strengthen the bank's operational leadership.

Senior Management Appointments

The bank's board approved two significant appointments during its meeting on February 24, 2026. The board meeting commenced at 10.00 a.m. (IST) and the specific proposals were approved at 3.35 p.m. (IST).

Leadership Profiles

Mr. Saurav Saha - Chief Risk Officer

Mr. Saurav Saha brings extensive experience in financial risk management to his new role. He holds a PGDM from IIM Lucknow and a B. Tech in Electronics & Communication Engineering. Prior to joining IndusInd Bank, he served as Head – Financial Risk Management at HDFC Bank.

His career spans multiple senior leadership positions in risk management, including:

• Chief Risk Officer at HSBC Bangladesh
• Head of Wholesale Credit and Market Risk at HSBC India
• Previous roles at Saudi Awwal Bank, ABN AMRO Bank, and CRISIL

Ms. Judy Heredia - Chief Credit Officer

Ms. Judy Heredia has been associated with IndusInd Bank for three decades, bringing deep institutional knowledge to her new role. She is a Commerce graduate and holds professional certifications including Certified Associate of the Indian Institute of Banking & Finance (CAIIB) and Certified Financial Risk Manager (FRM) from the Global Association of Risk Professionals.

Her contributions to the bank include:

• Building and strengthening the Wholesale Banking Group (WBG) Credit function
• Enhancing credit process efficiency and portfolio quality
• Strengthening credit risk governance framework
• Ensuring robust regulatory and audit outcomes

Transition Arrangements

Mr. Vivek Bajpeyi, the outgoing Chief Risk Officer, will continue as Senior Management Personnel until his superannuation on March 31, 2026. This arrangement ensures a smooth transition of responsibilities and continuity in risk management operations.

Regulatory Compliance

The appointments were made pursuant to Regulation 30, Schedule III, Part A, Para A (7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank has fulfilled all disclosure requirements and notified the relevant stock exchanges including the National Stock Exchange of India Limited and BSE Limited.

IndusInd Bank Limited has issued a postal ballot notice seeking shareholder approval for the appointment of Mr. Arijit Basu as Non-Executive Independent Director and Part-time Chairman. The notice, dated February 24, 2026, follows the conclusion of Mr. Sunil Mehta's tenure as Part-time Chairman on January 30, 2026.

Appointment Details and Regulatory Approval

The Reserve Bank of India approved Mr. Arijit Basu's appointment on January 19, 2026, under Section 10B(1A)(i) of the Banking Regulation Act, 1949. The Board of Directors subsequently appointed him as Additional Director on January 23, 2026, subject to shareholder approval through the postal ballot process.

Professional Background and Qualifications

Mr. Arijit Basu, aged 65 years, holds a Master of Arts degree from the University of Delhi and is a Certified Associate of the Indian Institute of Bankers. His extensive banking career includes serving as Managing Director of State Bank of India and MD & CEO of SBI Life Insurance Company Ltd. Prior to this appointment, he served as Chairman of HDB Financial Services Ltd., a subsidiary of HDFC Bank Ltd.

Currently, Mr. Basu serves as an Independent Director on the boards of Prudential Plc, Peerless Hospitex and Hospital Research Centre Ltd., and CleanMax Enviro Energy Solutions Ltd. He also holds advisory positions with Ares Management Corporation and Razorpay Inc.

Voting Process and Timeline

The bank will conduct the postal ballot exclusively through remote e-voting, with no physical ballot forms being distributed. The voting process follows a structured timeline designed to ensure comprehensive shareholder participation.

Scrutinizer and Compliance Framework

The Board has appointed Mr. Alwyn D'Souza (Membership No. FCS 5559) as the primary Scrutinizer, with Mr. Jay D'Souza (Membership No. FCS 3058) as the alternate, both from Alwyn Jay & Co., Company Secretaries. The appointment complies with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholders whose email addresses are registered with depositories, the bank, or its registrar MUFG Intime India Private Limited will receive the postal ballot notice electronically. The voting rights will be proportionate to shareholding in the total paid-up equity share capital as of the cut-off date, subject to Banking Regulation Act provisions and RBI guidelines.

Regulatory Compliance and Board Recommendation

The Board has determined that Mr. Basu meets all fit and proper criteria prescribed by the Reserve Bank of India for the position. His appointment aligns with the Reserve Bank of India (Commercial Banks - Governance) Directions, 2025, the Companies Act, 2013, and SEBI Listing Regulations. The Board unanimously recommends the resolution for approval as a Special Resolution, noting that Mr. Basu will not be liable to retire by rotation during his tenure.