Sandeep Bakhshi's appointment as MD and CEO of ICICI Bank Limited has been approved by the RBI

12 Sep 2023 , 10:38 AM

In a Monday market filing, ICICI Bank Limited announced that it has received approval from the Reserve Bank of India (RBI) to reappoint Sandeep Bakhshi as Managing Director and CEO.

Bakhshi has been reappointed for a period of three years, from October 4, 2023, to October 3, 2026, according to the private sector bank.

According to a statement from ICICI Bank Limited, ‘the shareholders had already approved the appointment of Mr. Bakhshi for the above-mentioned period’ during the annual general meeting held on August 30, 2023.

After Chanda Kochchar, his predecessor, resigned in October 2018 amid allegations of financial wrongdoing against her, Bakhshi, now 63, assumed leadership of the private sector lender. He had previously served as the chief operational officer and a full-time director.

The CEO has been a part of the ICICI Group since 1986 and has worked on a variety of projects for the organization, including ICICI Prudential Life Insurance, ICICI Limited, ICICI Lombard General Insurance, and ICICI Bank.

Bakhshi graduated with an MBA from Jamshedpur’s Xavier Labour Relations Institute. For 36 years, Bakhshi has worked for the ICICI Group, managing numerous projects for ICICI Limited, ICICI Lombard General Insurance, ICICI Bank, and ICICI Prudential Life Insurance.

In addition, the RBI recently gave the bank permission to turn I-Process Services (India) Private Ltd into a fully owned subsidiary of the institution.

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