RBI approves re-appointment of Sandeep Bakhshi as ICICI Bank MD & CEO

The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Bakhshi, MD & CEO, of ICICI Bank with effect from October 15, 2021, till October 3, 2023.

 

According to a notification to the stock exchange, the shareholders at the annual general meeting held on August 9, 2019, had already approved the appointment of Bakhshi for a period effective from October 15, 2018, upto October 3, 2023.

 

Bakhshi was appointed the MD & CEO of the bank, with effect from October 15, 2018.

 

RBI had approved a three-year stint for Bakhshi back then as opposed to a five-year stint that the bank had sought. Bakhshi took over as the CEO of the bank after Chanda Kochhar, who was facing inquiry on allegations of alleged quid pro quo in extending loans to certain entities, resigned as the CEO of the bank.

 

Under Bakhshi, the bank in Q1FY22, reported a net profit of Rs 4,616 crore, aided by an improvement in interest margins and lower provisioning.