MUMBAI: The Reserve Bank of India (RBI) has approved the appointment of Sandeep Bakhshi as the managing director and CEO of ICICI Bank, the lender said in a regulatory filing with the stock exchanges on Tuesday.
This ends the bank’s uncertainty after its former MD Chanda Kochhar came under investigation for alleged nepotism and conflict of interest, and her eventual resignation early this month. ICICI’s share price moved up by Rs 8 or 2.5 per cent to close at Rs 321 on BSE on Tuesday.
The RBI has approved Bakhshi’s appointment for a three-year term that came into effect from October 15 this year, ICICI Bank said. It had on October 4 announced Bakhshi’s appointment with a five-year term that would end in 2023. Bakhshi, who holds a bachelors’ degree in mechanical engineering from Punjab Engineering College in Chandigarh and a postgraduate degree in management from Xavier Labour Relations Institute in Jamshedpur, had joined the ICICI group in 1986. Starting with project financing at ICICI, he later worked with various subsidiaries of ICICI Bank, including ICICI Lombard General Insurance, ICICI Prudential Life Insurance.