New Delhi: Private sector lender ICICI Bank on Tuesday said that the Reserve Bank of India (RBI) has approved the appointment of Sandeep Bakshi as the Managing Director and CEO of the bank for a span of three years. However, the lender sought a five-year term from the Central Bank. Bank Tuesday informed the stock exchanges that the Reserve Bank of India (RBI) has cleared Bakhshi's appointment for three years effective from October 15, reported news agency PTI. “We wish to inform you that RBI vide its letter no DBR Appt. No. 3065 /08.88.001/2018-19 dated October 15, 2018 has approved the appointment of Sandeep Bakhshi as Managing Director and CEO of the Bank for a period of three years with effect from October 15, 2018,” ICICI Bank said in a BSE filing.

Bakshi was the Chief Operating Officer (COO) and had joined the group in 1986. Earlier, he was appointed as the MD and CEO of ICICI Prudential Life Insurance Company on August 1, 2010 where he spearheaded company’s products, distribution architecture and successfully managed to improve the productivity.

The move came on the sidelines of recent resignation of ICICI group veteran Chanda Kochar – who reportedly resigned from all subsidiaries of the bank following enquiry over the charges of nepotism and conflict of interest. “The board…accepted the request of Chanda Kochhar to seek early retirement from the bank at the earliest. The board accepted this request with immediate effect,” ICICI Bank had said in a statement. “The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the inquiry,” the statement added further.

In a similar move, the Central bank curtailed the three-year term that the Yes Bank's board had sought for Rana Kapoor, who is also one of the promoters of the bank, to January 31, 2019. RBI has asked YES bank to find a replacement.