On Tuesday morning, Share prices of ICICI Bank which is the largest private sector of India have gained nearly 2%  after the Reserve Bank of India approved the appointment of Sandeep Bakhshi as Managing Director & CEO.

Sandeep Bakhshi as MD will hold the position for a duration of three years with effect from October 15, 2018.

On October 4, 2018, the board had approved the appointment of Bakhshi as Managing Director & CEO for a period of five years until October 3, 2023.

The appointment approved of Sandeep Bakhshi as an Additional Director and Whole-time Director and Chief Operating Officer of the bank effective from June 19, 2018, which was subsequently approved by RBI on July 31, 2018, and the Shareholders of the bank on September 12, 2018.

Meanwhile, its earlier MD & CEO Chanda Kochhar resigned from both the position in the first week of October.

“The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Kochhar will also relinquish office from the board of directors of the bank’s subsidiaries,” the bank had reported in its filing on October 4.

The bank reports that its board of directors is scheduled on October 26 to declare the approval of audited accounts for the quarter and half-year ended September 2018.

At 09:44 hours IST on BSE, the stock price was quoting at Rs 318.95, up Rs 5.75, or 1.84%.

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