The Reserve Bank of India (RBI) has approved the reappointment of Sandeep Bakhshi as the managing director and CEO of the lender for three years.

The reappointment of Sandeep Bakhshi will be effective from 4 October 2023 until 3 October 2026,ICICI Bank said in a regulatory filing.

"At the annual general meeting held on 30 August 2023, the shareholders had already approved the appointment of Bakhshi for the above mentioned period," the lender added.

Bakhshi has been holding the top position in the bank since 15 October 2018, after Chanda Kochhar’s infamous exit. Prior to his appointment, he was wholetime director and chief operating officer of the bank.

Bakhshi has been with the ICICI Group for 37 years and has handled various assignments across the group in ICICI Ltd, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance.