RBI approves reappointment of ICICI Bank MD Sandeep Bakhshi for 3 years

The Reserve Bank of India has approved the reappointment of ICICI Bank MD and CEO Sandeep Bakhshi for three years, with effect from October 4.

The reappointment tenure will be effective till October 3, 2026, the private sector lender notified the exchanges.

The board of directors of the bank had approved the reappointment in October 2022, whereas shareholders approved it at the annual general meeting held on August 30.

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Bakhshi was appointed as the head of ICICI Bank in October 2018, taking over from Chanda Kochhar in a period of uncertainty for the bank, as Kochhar stepped down in the face of inquiries over conflict of interest in some lending operations of the bank.

Prior to that, Bakhshi was a whole-time director and the chief operating officer of ICICI Bank. He had joined the ICICI Group in December 1986 and over his 37-year long tenure has been a part of several group companies.

Bakhshi headed ICICI Lombard General Insurance in 2007 and later joined ICICI Bank in 2009 as Deputy MD for portfolio quality, following which he was put in charge of ICICI Prudential Life Insurance in 2010.