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

File image of ICICI Bank CEO and MD Sandeep Bakhshi

The Reserve Bank of India (RBI) has approved the re-appointment of Sandeep Bakhshi as the managing director and chief executive officer of ICICI Bank, the private lender said in a regulatory filing on August 24.

The re-appointment will come into effect on October 15, 2021, and the tenure will continue till October 3, 2023.

The decision to re-appoint Bakhshi as the MD and CEO had received the nod of shareholders nearly two years ago, ICICI Bank said.

"The shareholders at the Annual General Meeting held on August 9, 2019 had already approved the appointment of Mr. Bakhshi for a period effective from October 15, 2018 upto October 3, 2023," ICICI Bank stated in the NSE filing.

Bakshi, who was hand-picked by his mentors — KV Kamath and N Vaghul, took over the charge in October 2018, after his predecessor Chanda Kochhar's exit following the ICICI Bank-Videocon loan controversy.

Prior to his appointment as MD and CEO, Bakhshi was a wholetime director and the Chief Operating Officer (COO) of ICICI Bank.

Bakhshi has been with the ICICI Group since 1986 and has handled various assignments across the group in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance.

Over years, Bakshi has worked across responsibilities including business development, project appraisals, project monitoring, and business restructuring.