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RBI approves appointment of Sandeep Bakshi as MD & CEO of ICICI Bank

Oct 17, 2018 11:40 IST
RBI approves appointment of Sandeep Bakshi as MD & CEO of ICICI Bank

Private sector lender ICICI Bank on October 16, 2018 announced that the Reserve Bank of India (RBI) approved the appointment of Sandeep Bakshi as the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank for three years.

Earlier on October 4, 2018, the board of ICICI Bank elevated Chief Operating Officer Bakhshi as the bank’s new Managing Director and Chief Executive Officer after resignation of Chanda Kochhar.

Sandeep Bakshi

Sandeep Bakshi started his professional career in 1983 at a computer marketing company ORG Systems.

He joined the ICICI group in the year 1986.

He was appointed as the MD and CEO of ICICI Prudential Life Insurance Company on August 1, 2010.

He was appointed as the bank's COO in June 2018.

In his 32 years at ICICI, he has looked after the insurance, corporate and lending businesses of the group.

Under his leadership, the company redesigned various products, re-engineered the distribution architecture and made significant improvement in productivity.

Enquiry on Chanda Kochhar: Timeline

2008: Deepak Kochhar, in partnership with Videocon group chairman Venugopal Dhoot, sets up NuPower Renewables.

May 2009: Chanda Kochhar joins ICICI Bank.

2012: NuPower Renewables gets a loan of Rs 3,250 crore from the ICICI Bank. Prior to sanctioning of loan, Venugopal Dhoot transfers a controlling stake in NuPower to Mahesh Chandra, who sells the stake further to Deepak Kochhar for a mere Rs 9 lakh.

2016: Whistleblower Arvind Gupta wrote to PM Narendra Modi and Finance Minster Arun Jaitley alleging that Chanda Kochhar was a part of the credit committee which sanctioned a loan to Videocon Group.

March 2018: Arvind Gupta’s letter got published, revealing that Kochhar was also a shareholder in NuPower Renewables.

March 2018: Indian Express reported details of many suspicious financial transactions between Deepak Kochhar’s NuPower Renewables Pvt Ltd and many of Venugopal Dhoot’s companies. Kochaar was charged of nepotism and conflict of interest.

March 2018: The Central Bureau of Investigation (CBI) filed an initial enquiry and began investigating whether Chanda's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo from the bank as a loan.

April 2018: Kochhar is accused of not disclosing that her brother-in-law Rajiv Kochhar helped ICICI Bank’s debtors restructure their foreign loans. However, the bank denied any wrongdoing.

May 2018: The Securities and Exchange board of India (SEBI) initiates an inquiry against Kochhar and the bank for not making adequate disclosures.

June 2018: Kochhar goes on her annual planned leave from June 1, 2018.

June 2018: Former Supreme Court Judge B N Srikrishna was appointed to lead the independent investigation into the whistleblower’s complaint.

September 2018: SEBI begins adjudication proceedings against ICICI Bank and Chanda Kochhar. They questioned her for alleged violations to the disclosure requirements under the securities law.

September 2018: ICICI Bank held its first Annual General Meeting (AGM) after the charges against Kochhar came to light.

October 2018: Chanda Kochhar had quit the bank on 4 October, six months before her current tenure was about to end. She also resigned from all subsidiaries of the bank, including ICICI Securities where she had sought reappointment as the Chairperson.

 

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