RBI okays reappointment of Bakhshi as ICICI Bank MD & CEO
The Reserve Bank of India (RBI) has approved the reappointment of Sandeep Bakshi as managing director and chief executive of ICICI Bank with effect from October 15 till October 3, 2023. In a notification to the stock exchange, the shareholders at the annual general meeting held on August 9, 2019, had already approved the appointment of Bakhshi for a period effective from October 15, 2018, up to October 3, 2023. Bakshi was appointed the MD & CEO of the bank, with effect from October 15, 2018. The RBI had approved a three-year stint for Bakshi back then as opposed to a five-year stint that the bank had sought. Bakshi took over as the CEO of the bank after Chanda Kochar, who was facing an inquiry on allegations of alleged quid pro quo in extending loans to certain entities, resigned as the CEO of the bank. Under Bakshi, the bank in Q1FY22, reported a net profit of ~4,616 crore, aided by an improvement in interest margins and lower provisioning.