ICICI Bank on Friday said the Reserve Bank of India has approved the reappointment of Sandeep Bakhshi as the bank's Managing Director and Chief Executive Officer for a further period of two years, starting October 4, 2026.
In an exchange filing dated May 22, the private lender said the RBI, through its letter issued the same day, cleared Bakhshi's continuation in the top role until October 3, 2028. The bank added that shareholder approval for the reappointment would be sought in due course of time.
“This is further to our letter dated January 17, 2026 intimating the Board's unanimous approval for the re-appointment of Mr. Sandeep Bakhshi as Managing Director & CEO of the Bank for a further period of two years,” ICICI Bank said in its filing to the stock exchanges.
The lender had earlier informed exchanges that its board had unanimously approved Bakhshi's reappointment, subject to regulatory and shareholder clearances.
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Bakhshi has been serving as the MD & CEO of ICICI Bank since October 2018 and has overseen a period of strong retail growth, improved asset quality and steady profitability at the country's second-largest private sector lender by market capitalisation.
In 2018, ICICI Bank appointed Bakhshi as its managing director and chief executive officer, succeeding Chanda Kochhar following her resignation after leading the private lender for nine years.
Bakhshi was given a five-year term until Oct. 3, 2023. Prior to taking charge at the bank, he served as managing director and CEO of ICICI Prudential Life Insurance Company.
His appointment came at a time when Kochhar was on indefinite leave amid an external inquiry initiated by the bank over allegations linked to sanctioning loans to certain corporate groups with alleged connections to family members.
A veteran within the ICICI group, Bakhshi joined the organisation in December 1986 in the project finance division. Over the years, he handled key portfolios including wholesale banking and the small and medium enterprises business.
In April 2002, he was appointed managing director and CEO of ICICI Lombard General Insurance Company, where he played a key role in expanding the private sector general insurance business in India.
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He later served as deputy managing director of ICICI Bank between May 2009 and July 2010, overseeing both retail and corporate banking operations, before moving to ICICI Prudential Life Insurance in August 2010.
With more than 38 years of banking experience, Bakhshi is a mechanical engineering graduate from Punjab Engineering College, Chandigarh, and holds a postgraduate management degree from XLRI Xavier School of Management.
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