The Reserve Bank of India on Tuesday cleared the appointment of Reserve Bank of India (RBI) as the Managing Director and CEO of the ICICI Bank for three years.
After the resignation of the former Chief Executive Officer Chanda Kochhar, earlier this month, the bank’s board had promoted Chief Operating Officer (COO) Bakshi as the new Managing Director and CEO for a tenure of five years until October 3, 2023, subject to regulatory and other approvals.
“We wish to inform you that RBI vide its letter no DBR Appt. No. 3065 /08.88.001/2018-19 dated October 15, 2018 has approved the appointment of Sandeep Bakhshi as Managing Director and CEO of the Bank for a period of three years with effect from October 15, 2018,” said the bank in a BSE filing.
Bakshi had joined ICICI group in 1986 and was appointed as the MD and CEO of ICICI Prudential Life Insurance Company on August 1, 2010. Under the leadership in Prudential, the company reframed various products, re-engineered the distribution architecture and several vital improvements in productivity. He successfully-led the listing of the company.