RBI approves re-appointment of Sandeep Bakhshi as ICICI Bank MD and CEO for another 3 yrs

The Reserve Bank of India (RBI) has approved the re-appointment of ICICI Bank MD and CEO Sandeep Bakhshi for another three years, the private sector lender said on Monday. Bakhshi has been reappointed for a period of three years from October 4, 2023, to October 3, 2026, the bank said in a regulatory filing. "At the Annual General Meeting held on August 30, 2023, the shareholders had already approved the appointment of Bakhshi for the abovementioned period," the lender said.

The bank had appointed Bakhshi as the MD and CEO after accepting former MD and CEO Chanda Kochhar's request to seek early retirement in October 2018. IN 2021, he was reappointed for thre years till October 2023. 

Bakhshi holds a mechanical engineering degree from Chandigarh's Punjab Engineering College and a master's degree in management from Xavier Labour Relations Institute, Jamshedpur. He started his professional career at a computer marketing company ORG Systems in 1983. 

Bakshi joined ICICI Ltd in 1986 and handled the corporate clients of the company for the northern and eastern regions. He later moved on to ICICI Lombard in 2002 where he was responsible for business development, project appraisals, project monitoring, and business restructuring.

He was appointed as MD and CEO of ICICI Prudential Life Insurance Company on August 1, 2010, a position he held till his latest appointment. During his tenure, the company launched its initial public offering (IPO) worth Rs 60-lakh crore, which was the first such offering by any insurance company in India.

On Monday, shares of ICICI Bank settled at Rs 982, over 1.18 per cent higher from the previous close.