Private sector ICICI Bank on Friday announced the appointment of former IAS officer GC Chaturvedi as an independent director and said his name has been proposed for the post of non-executive part-time Chairman.

“The Board of Directors of ICICI Bank at its meeting held on Friday appointed  Girish Chandra Chaturvedi as an Additional (Independent) Director effective July 1, 2018 for a period of three years subject to the approval of shareholders,” the bank said in a regulatory filing. The term of office of MK Sharma expires on June 30, 2018.

“The board also approved the appointment of GC Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 or the date of receipt of RBI approval for such appointment, whichever is later, in the vacancy caused by cessation of term of MK Sharma (Independent Director and Chairman),” it further said.

An IAS officer of the Uttar Pradesh cadre from the 1977 batch, Chaturvedi was Secretary, Ministry of Petroleum and Natural Gas. He was also the government nominee director on the boards of Canara Bank, Bank of Baroda, IDBI Bank, IDFC, GIC Re of India, New India Assurance, United India Insurance, Agriculture Insurance Co. of India, Institute of Banking Personnel Selection and National Insurance Academy.

Shares of ICICI Bank rose 1.6 per cent to Rs 275.50 apiece on the Bombay Stock Exchange after the announcement.

 

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