Mumbai, Oct 16 (IANS) Reserve Bank of India (RBI) has approved the appointment of Sandeep Bakhshi as Managing Director and CEO of ICICI Bank.

“We wish to inform you that RBI vide its letter… 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,” the bank said in the regulatory filing on Tuesday.

On October 4, ICICI Bank appointed its Chief Operating Officer Bakhshi as the new CEO and MD with immediate effect for a period of five years until October 3, 2023, subject to regulatory and other approvals.

Bakhshi succeeded Chanda Kochhar, who is facing allegations of conflict of interest.

“The Board of Directors of ICICI Bank Limited accepted the request of Chanda Kochhar to seek early retirement from the bank at the earliest. The Board accepted this request with immediate effect.

“The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Kochhar will also relinquish office from the Board of Directors of the Bank’s subsidiaries,” the company had said in a filing on October 4. (IANS)

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