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The Reserve Bank of India has approved the appointment of Sandeep Batra as Executive Director of ICICI Bank for a period of three years.
The appointment is with effect from December 23, 2020, the private sector lender said in a regulatory filing on Wednesday.
“The board of directors of the bank vide a circular resolution dated December 23, 2020 has recorded December 23, 2020 as the effective date of appointment and taking charge by Sandeep Batra as Executive Director of the bank,” ICICI Bank said.
Also read: HDFC, ICICI, and SBI top three banks of 2020, says report
Batra, who has been with the ICICI Group for the last 20 years, is at present its President, with responsibilities of the Corporate Centre at the bank.
SEBI move
The RBI had, in November 2019, rejected a proposal by ICICI Bank for the appointment of Batra as executive director after SEBI penalised him in a case related to the merger of Bank of Rajasthan.
Also read: ICICI Bank launches online platform for foreign companies setting up shop in India
However, the Securities Appellate Tribunal, in its order dated September 10, 2020, had amended the SEBI order levying a penalty of ₹2 lakh and had converted it into a warning.
The ICICI Bank board had then approved a proposal to resume seeking approval from the RBI for the appointment of Batra as a Wholetime Director.
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