Reappointment of ICICI Bank CEO Sandeep Bakhshi gets RBI approval

Bakhshi took charge of the second largest lender on October 15, 2018. Prior to his appointment as MD & CEO, he was a Wholetime Director and the Chief Operating Officer (COO) of ICICI Bank

The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Bakhshi, managing director (MD) and chief executive officer (CEO) of ICICI Bank, for three years with effect from October 4.

In the annual general meeting held last month, shareholders had approved the three-year period, the bank said in a notification to the stock exchanges.

Prior to his appointment as MD & CEO on October 15, 2018, Bakhshi was the bank’s whole-time director and the chief operating officer.

The seasoned banker has been with the ICICI group since 1996 and handled various assignments across the group in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank, and ICICI Prudential Life Insurance.

Bakhshi is credited for turning around the bank after inheriting a difficult legacy. His predecessor Chanda Kochhar had to step down following allegations of financial irregularities.

For the financial year 2022-23, ICICI Bank reported a net profit of Rs 31,896 crore on a standalone basis. The total deposits of the bank stood at Rs 11.8 trillion as of March 31 and a loan book of Rs 10.3 trillion.