The Reserve Bank of India approved on Monday the reappointment of Sandeep Batra as the executive director of ICICI Bank Ltd. for a period of two years.
The reappointment of Batra will be subject to the approval from the shareholders of the company in the due course of time, according to an exchange filing on Monday.
On June 12, the RBI also approved the reappointment of Rakesh Jha as the executive director of the bank for a period of two years from Sept. 2, 2025, to Sept. 1, 2027.
Penalty On ICICI Bank
In May, the RBI imposed penalties on four banks, including ICICI Bank and Bank of Baroda, for the deficiencies in regulatory compliance.
It imposed a penalty of Rs 97.8 lakh on the second largest private sector bank for the non-compliance with certain directions issued by the RBI on Cyber Security Framework in Banks, Know Your Customer and Credit Card and Debit Card -- Issuance and Conduct.
Shares of ICICI Bank closed 0.76% higher at Rs 1,426.90 apiece on the National Stock Exchange, compared to a 0.92% rise in the benchmark Nifty. The stock has risen 27.08% in the last 12 months and 11.33% on a year-to-date basis.
Out of the 53 analysts tracking the company, 50 have a 'buy' rating on the stock and three recommend 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 14.7%.
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