BANKING AFFAIRS

Detailed explanation-1: -Bakhshi was appointed as MD and CEO of ICICI Bank in October 2018 after the bank’s board had accepted the request of Chanda Kochhar to seek early retirement. “His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals, ” the bank had said at the time.

Detailed explanation-2: -Subject to the consent of the Reserve Bank of India (RBI) and the Bank’s shareholders, the re-appointment tenure will run from October 4, 2023, to October 3, 2026. Bakhshi has been in charge of the bank since October 15, 2018. He formerly served as Wholetime Director and Chief Operating Officer (COO).

Detailed explanation-3: -Who is Chanda Kochhar? Chanda Kochhar joined ICICI Bank in 1984 as a management trainee and gradually became one of the core members responsible for establishing the bank. Kochhar became the bank’s managing director in 2009 and its Chief Executive Officer-the first CEO of any Indian bank.

Detailed explanation-4: -The re-appointment period to start from October 4, 2023. The board of directors of ICICI Bank has re-appointed Sandeep Bakhshi as the bank’s managing director (MD) and chief executive officer (CEO) for a period of three years, the bank said in a regulatory filing.

Detailed explanation-5: -“The Board unanimously approved the re-appointment of Mr. Sandeep Bakhshi for a period of three years with effect from October 4, 2023 to October 3, 2026, subject to approval of the RBI and shareholders of the Bank, ” said the regulatory filing. He was appointed as the banks’s MD and CEO since October 15, 2018.