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.
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.
The RBI had in November 2019 rejected a proposal by ICICI Bank for the appointment of Batra as an executive director after SEBI penalised him in a case related to the merger of Bank of Rajasthan.
However, the Securities Appellate Tribunal, in its order dated September 10, 2020, had amended the SEBI order levying the 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.