RBI Gives Nod For Sandeep Batra's Reappointment As ICICI Bank ED For Two Years

The Reserve Bank of India has approved the reappointment of Sandeep Batra as executive director of ICICI Bank Ltd.

It comes into effect on Dec. 23 for a period of two years, as opposed to the five years sought by the bank board in May.

"This renewed term of two years is within the five years term as previously approved by the shareholders," the bank said in a regulatory filing on Wednesday.

In May, the ICICI Bank board approved Batra's reappointment as ED of the bank for a period of five years, effective from the date of approval by the RBI.

The effective date of the same was Dec. 23, 2020. His tenure as the ED was approved by the RBI for three years, which ends on Dec. 22. Hence, the RBI's approval on Wednesday is a green light for the continuation of Batra's service in the key role for two more years until December 2025.

"The Board of Directors recorded that the current tenure of Sandeep Batra as Executive Director of the bank as per RBI approval, which was for three years, ends on Dec. 22, 2023," ICICI Bank's regulatory filing in May said.

Batra, who has served the ICICI Group for the last 23 years, is responsible for several departments, including credit, corporate communications, data science, finance, human resources, legal, operations and customer service, technology and more.

He has been a member of the boards of ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management and ICICI Venture.

Batra has also previously served as chief financial officer at ICICI Prudential Life Insurance and group compliance officer at ICICI Bank.