RBI nod to Bakhshi as ICICI chief for 3 more years

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MUMBAI: The RBI has permitted the reappointment of Sandeep Bakhshi as managing director & CEO of ICICI Financial institution for one more three years till October 3, 2026.
The non-public financial institution’s shareholders had permitted his reappointment within the annual basic assembly held on August 30. The board had really useful one other three-year time period for Bakhshi of their assembly in October 2022.
The 63-year-old Bakhshi had taken over as ICICI Financial institution’s MD & CEO in October 2018 after Chanda Kochhar had stepped down following investigations into loans to the Videocon group. After finishing a three-year time period, the banking regulator had permitted his reappointment for one more two years till October 2023.
Within the final 5 years, Bakhshi has maintained a really low profile, hardly ever attending public occasions, however has delivered by way of monetary efficiency. In FY23, the financial institution reported its highest-ever internet revenue of Rs 31,986 crore, and its market capitalisation hit a excessive of over Rs 7 lakh crore. There has additionally been a marked enchancment within the financial institution’s asset high quality with the lender shunning dangerous chunky loans to corporates. Bakhshi additionally led to a cultural change within the organisation eliminating the ‘bell curve’ in worker value determinations.
Earlier than changing into CEO, Bakhshi was the MD & CEO of ICICI Prudential Life Insurance coverage. He had additionally headed ICICI Lombard Common Insurance coverage – the non-life subsidiary of the financial institution.

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