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The Reserve Bank of India, on Tuesday, approved the appointment of Sandeep Bakhshi as the Managing Director and CEO of ICICI Bank for a three-year term.
“The RBI … has approved the appointment of Sandeep Bakhshi as MD and CEO of the bank for a period of three years with effect from October 15, 2018,” the lender said in a regulatory filing. This is against the bank’s proposal for a five-year term for Bakhshi.
The board of directors of ICICI Bank had, on October 4, appointed Bakhshi as the new MD and CEO and had accepted the resignation of earlier chief Chanda Kochhar with immediate effect.
Sources, however, said the RBI approval for a three-year term is standard practice, and similar terms have been given to other bank chiefs also.
“Under Companies’ Act, the maximum term for a MD and CEO can be up to five years, which is what the board has recommended. With the RBI approval for a three-year term, the bank can seek a two-year extension later,” said a person familiar with the development.
The private sector lender said Bakshi had joined the group in 1986. He was appointed as the MD and CEO of ICICI Prudential Life Insurance Company on August 1, 2010, where, under his leadership, the company redesigned various products, re-engineered the distribution architecture, and made significant improvement in productivity. He successfully led the listing of the company.
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