IndusInd Bank Announces Postal Ballot for Appointment of Arijit Basu as Part-Time Chairman

Mumbai, February 24, 2026: 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 for a three-year term beginning January 31, 2026.

The appointment is subject to approval by members through remote e-voting in compliance with the Companies Act, 2013, SEBI Listing Regulations, and applicable Reserve Bank of India (RBI) guidelines.

RBI Approval and Board Recommendation

The Reserve Bank of India (RBI), via its letter dated January 19, 2026, approved Basu’s appointment under Section 10B(1A)(i) of the Banking Regulation Act, 1949.

The Board of Directors of IndusInd Bank, based on the recommendation of its Compensation and Nomination & Remuneration Committee, appointed Basu as an Additional Director in the category of Non-Executive Independent Director and Part-Time Chairman on January 23, 2026. The appointment now awaits shareholder approval through postal ballot.

His tenure will extend from January 31, 2026 to January 30, 2029 (both days inclusive).

Remuneration Details

As per the notice:

• Fixed remuneration: ₹35 lakh per annum

• Additional benefits: Sitting fees for attending Board and Committee meetings

• He will not be liable to retire by rotation during his tenure.

Postal Ballot and E-Voting Timeline

The Bank has opted to conduct the postal ballot exclusively through electronic voting (remote e-voting).

• Cut-off date: February 20, 2026

• E-voting commencement: February 26, 2026 (9:00 a.m. IST)

• E-voting closure: March 27, 2026 (5:00 p.m. IST)

• Result declaration: On or before April 1, 2026

The e-voting facility is being provided by National Securities Depository Limited (NSDL).

The resolution, if approved, will be deemed passed on March 27, 2026.

Leadership Transition

Basu succeeds Mr. Sunil Mehta, whose tenure as Part-Time Chairman concluded on January 30, 2026.

Profile of Arijit Basu

Mr. Arijit Basu, aged 65, holds a Master of Arts degree from the University of Delhi and is a Certified Associate of the Indian Institute of Bankers.

He brings extensive experience in banking and financial services, having previously served as:

• Managing Director of State Bank of India

• MD & CEO of SBI Life Insurance Company Limited

• Chairman of HDB Financial Services Limited

He currently serves as an Independent Director on the boards of:

• Prudential plc

• Peerless Hospitex and Hospital Research Centre Limited

• CleanMax Enviro Energy Solutions Limited

He also acts as Senior Advisor to Ares Management Corporation and is a member of the Advisory Board of Razorpay Inc..

Regulatory Compliance

The proposed appointment complies with:

• Companies Act, 2013

• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• Banking Regulation Act, 1949

• RBI Commercial Banks Governance Directions, 2025

The Board has confirmed that Basu meets the “fit and proper” criteria prescribed by the RBI and fulfills the independence requirements under applicable laws.

Market Presence

IndusInd Bank is listed on:

• National Stock Exchange of India Limited (Symbol: INDUSINDBK)

• BSE Limited (Scrip Code: 532187)

• Luxembourg Stock Exchange