Under fire ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect. The bank’s board has accepted Kochhar’s request to seek early retirement, according to a regulatory filing.
On 4th October 2018 she stepped down from her position.She is widely recognised for her role in shaping retail banking in India. Amidst the recent investigation related to Videocon bad loans, she was forced by the board of ICICI Bank to take indefinite leave.
“The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry,” the bank said .
The board has decided to appoint Sandeep Bakhshi as managing director and chief executive officer. His appointment will be for a period of five years until October 3, 2023, subject to various approvals.