ICICI Bank Secures RBI Nod for Sandeep Batra's Re-Appointment as Executive Director
In a significant development, ICICI Bank has received the Reserve Bank of India’s (RBI) approval for the re-appointment of Sandeep Batra as the Executive Director (ED). The approval, conveyed through an official letter, is effective from December 23, 2023, to December 22, 2025.
The shareholders had previously granted their approval on May 29 for Batra’s appointment as ED, endorsing a five-year term starting from the RBI’s approval date. The current tenure of Batra, which received RBI approval for three years, concludes on December 22, 2023. In response, the Board of Directors, acknowledging Batra’s contributions, unanimously sanctioned his reappointment for an additional two years, extending from December 23, 2023, to December 22, 2025.
Sandeep Batra has been serving as ED on ICICI Bank’s Board, overseeing the Corporate Centre since July 2018. His responsibilities span across crucial domains, including credit, corporate communications, data science, finance, human resources, legal, operations, customer service, technology, and secretarial groups. Additionally, he holds administrative responsibility for the risk function, internal audit, and compliance groups. Notably, Batra also plays a pivotal role on the boards of ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, and ICICI Venture.
Q: What recent approval did ICICI Bank receive from the RBI?
A: ICICI Bank received RBI approval to reappoint Sandeep Batra as Executive Director, effective from December 23, 2023, to December 22, 2025.
Q: What was the shareholder mandate regarding Sandeep Batra’s appointment?
A: Shareholders approved Batra’s appointment as ED for five years, starting from the date of RBI approval, which was May 29.
Q: Why did the ICICI Bank Board decide to extend Sandeep Batra’s term?
A: The Board unanimously extended Batra’s term by two years, recognizing his contributions overseeing crucial functions since 2018.
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