Sandeep Bakhshi, who took charge of ICICI Bank after Chanda Kochchar was unceremoniously removed on graft charges, will get to rule the country’s second-largest private sector bank in a tenure that gets extended by almost two more years.

The Reserve Bank of India (RBI) has approved the reappointment of Sandeep Bakhshi as the managing director and chief executive officer of ICICI Bank until 3 October 2023.

The bank’s shareholders had earlier approved the reappointment of Bakhshi for a period effective from 15 October 2018 up to 3 October 2023. The nod had come at the annual general meeting held on 9 August 2019.

“RBI vide its letter has approved the reappointment of Sandeep Bakhshi as MD and CEO of the bank with effect from 15 October 2021 till 3 October 2023," ICICI Bank said on Tuesday.

Bakshi has been leading ICICI Bank since 15 October 2018, after Kochchar was unseated following the Videocon loan controversy. Prior to that, he was a wholetime director and the chief operating officer of the bank.

Joining the ICICI Group since 1986, Bakshi has handled different roles in ICICI Ltd, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance. He has been involved in business development, project appraisals, project monitoring and business restructuring.

As reported earlier in indianbankingnews.com, Bakshi set an example by letting go a year’s salary due to the coronavirus pandemic. He voluntarily relinquished his fixed compensation of basic and supplementary allowances for FY21. Even in FY20, he did not take his performance bonus while the others in the top management took theirs. His basic salary for 2019-20 was Rs 2.85 crore.