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RBI approves Bakshi's appointment as COO of ICICI Bank

"We affirm that Sandeep Bakhshi is not debarred from holding the office of director by virtue of any order of SEBI or any other such authority," ICICI Bank said in a regulatory filing.


PTI Last Updated at 01 Aug 2018, 21:08 IST India

ICICI Bank today said the Reserve Bank of India has approved the appointment of Sandeep Bakhshi as the Chief Operating Officer with effect from July 31, 2018, for three years.

"We wish to inform you that RBI vides its letter... dated July 31, 2018, has approved the appointment of Sandeep Bakhshi as Whole-time Director designated as Chief Operating Officer (COO) of the bank effective July 31, 2018, till July 30, 2021."

Earlier on June 18, the bank had informed about the appointment of Bakhshi as Wholetime Director and COO with effective from June 19, 2018, or the date of receipt of RBI approval, whichever was later.

"We affirm that Sandeep Bakhshi is not debarred from holding the office of director by virtue of any order of SEBI or any other such authority," ICICI Bank said in a regulatory filing.

CEO Chanda Kochhar will be on leave till completion of the external inquiry against her in the Videocon loan matter and named Sandeep Bakhshi as the chief operating officer, who would be handling all the businesses, ICICI Bank had said in June.

Bakhshi, before this, was the MD and CEO of ICICI Prudential Life Insurance.

He reports to Kochhar, who is continuing in her role as MD and CEO of ICICI Bank and is on a leave pending probe into the alleged conflict of interest in giving loans to few corporate houses.

In May, ICICI Bank had announced an independent inquiry into the allegations against Kochhar following a complaint from a whistle-blower.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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