ICICI Bank on Wednesday informed that, The Reserve Bank of India (RBI) has approved the appointment of Sandeep Batra as executive director of ICICI Bank for three years. The bank said this in its filing to the Bombay stock exchange today.
In September, ICICI Bank had sought approval from the RBI for Batra's appointment for five years or till his date of retirement.
The Reserve Bank of India had earlier in November 2019 rejected a similar proposal of appointment of Mr Batra as the executive director (ED) of the Bank. The proposal was rejected after SEBI penalised him in a case related to the merger of Bank of Rajasthan.
The apex bank however had said the lender could resubmit the proposal for approval after one year from the conclusion of settlement proceedings.
The Securities Appellate Tribunal (SAT) in its order dated September 10, 2020, had amended the SEBI order levying the penalty of Rs 2 lakh and had converted it into a warning. It also made it clear that such a warning on a lapse committed in May 2010, shall not come in the way of career advancement of Mr Batra 10 years thereafter as he has already suffered consequences of the impugned order in his career.
Sandeep Batra is a Chartered Accountant (1987) and a Company Secretary (1993) and have been working with the ICICI Group for last 20 years and is currently the President at ICICI Bank.
Shares of ICICI Bank on Wednesday were trading flat at Rs 501.45 on the Bombay Stock Exchange at around 1.15 pm.