RBI approves appointment of Sandeep Bakshi as Managing Director and CEO of ICICI Bank

The ICICI Bank was originally established by ICICI Limited as a wholly owned subsidiary in 1994. Though, Industrial Credit and Investment Corporation of India (ICICI) was formed in 1955 as a joint-venture of the World Bank, the Government of India (GoI) and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. Recently, it is in news because the Reserve Bank of India (RBI) has approved appointment of Sandeep Bakshi as Managing Director and CEO of the private sector lender ICICI Bank for 3 years. He succeeded Chanda Kochhar, who is facing enquiry over the charges of nepotism and conflict of interest. Ms Kochhar had quit the bank on October 4 before her current tenure was to end. She also resigned from all subsidiaries of the bank, including ICICI Securities where she had sought reappointment as the chairperson.