Reserve Bank approves appointment of Sandeep Bakhshi as COO at ICICI Bank

ICICI Bank on Wednesday said the Reserve Bank of India has approved the appointment of Sandeep Bakhshi as the Chief Operating Officer with effect from July 31, 2018 for three years.

"We wish to inform you that RBI vide its letter... dated July 31, 2018 has approved the appointment of Sandeep Bakhshi as Wholetime Director designated as Chief Operating Officer (COO) of the bank effective July 31, 2018 till July 30, 2021.

Earlier on June 18, the bank had informed about the appointment of Bakhshi as Wholetime Director and COO with effective from June 19, 2018 or the date of receipt of RBI approval, whichever was later.

"We affirm that Sandeep Bakhshi is not debarred from holding the office of director by virtue of any order of SEBI or any other such authority," ICICI Bank said in a regulatory filing.

CEO Chanda Kochhar will be on leave till completion of the external enquiry against her in the Videocon loan matter and named Sandeep Bakhshi as chief operating officer, who would be handling all the businesses, ICICI Bank had said in June.

Bakhshi, before this, was the MD and CEO of ICICI Prudential Life Insurance.

He reports to Kochhar, who is continuing in her role as MD and CEO of ICICI Bank and is on a leave pending probe into the alleged conflict of interest in giving loans to few corporate houses.

In May, ICICI Bank had announced an independent enquiry into the allegations against Kochhar following a complaint from a whistle-blower.