The board of directors of ICICI Bank have approved the reappointment of Hari Mundra, B. Sriram and S. Madhavan as Independent Directors for a second term, subject to the approval of the shareholders.

Mundra’s fresh term will commence from October 26, 2023, to October 25, 2024. Sriram and Madhavan’s second term will commence from January 14, 2024, to January 13, 2027, and April 14, 2024, to April 13, 2027, respectively.

“In respect of Hari Mundra, the term has been proposed until he attains the age of 75 years, which is the upper age limit prescribed for Non-executive Directors by the RBI Circular.

“For B. Sriram and S. Madhavan, the above term has been proposed such that the total tenure does not exceed eight years as prescribed by the RBI Circular,” per ICICI Bank’s regulatory filing.

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ICICI Bank, in a regulatory filing, said the shareholders had approved the appointment of Sandeep Batra as Executive Director of the Bank for a period of five years effective from the date of approval of Reserve Bank of India. The effective date of the same was from December 23, 2020.

The Board of Directors recorded that the current tenure of Batra as Executive Director of the Bank as per RBI approval, which was for three years, ends on December 22, 2023.

The Board unanimously approved the reappointment of Batra for a further period of two years with effect from December 23, 2023, to December 22, 2025, subject to RBI approval.

The Board noted that this renewed term of two years is within the five years term as previously approved by the shareholders.

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