RBI Urged to Hear Representation On Top Appointment at ICICI Bank
New Delhi: Supreme Court advocate Prashant Bhushan has written to the Reserve Bank of India (RBI) seeking to intervene against the proposed re-appointment of ICICI Bank Managing Director and Chief Executive Officer Sandeep Bakhshi. In a letter addressed to the RBI Governor Sanjay Malhotra, Bhushan referred to an earlier representation submitted on April 27 under provisions of the Banking Regulation Act, 1949.
He urged the central bank to examine the matter before granting approval for Bakhshi's continuation or re-appointment. The letter cited alleged regulatory violations, systemic frauds, governance failures and labour law violations at the bank. It also referred to concerns over depositor confidence and public interest.
Bakhshi is the Managing Director and CEO of ICICI Bank since October 15, 2018. He was appointed after Chanda Kochhar resigned amidst charges of corruption (which she has denied). He was presented as part of the bank's governance transition. Prior to his appointment, he was a wholetime director and the Chief Operating Officer of the bank, which is the second-largest private sector lender in the country.
In January 2026, Bakhshi was given a two-year extension to his term by the bank's board. His term is due to end in October 2026. According to reports, ICICI Bank did not give him the usual extension of three years, but also did not provide a reason for the curtailed extension at the time.
The appointment or extension of term of the bank's CEO and MD must be approved by the RBI under section 35 of the Banking Regulation Act.
The reminder sent by advocate Prashant Bhushan to the RBI regarding the extension to ICICI Bank MD and CEO.
The Central Bureau of Investigation (CBI) on On December 23, 2022, arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in connection with the alleged ICICI Bank-Videocon loan fraud case. Investigators alleged that ICICI Bank sanctioned high-value loans to the Videocon Group in violation of lending policies, while Videocon promoter Venugopal Dhoot allegedly invested in NuPower Renewables, a company Deepak Kochhar founded.
In June 2025, the Ministry of Labour and Employment acknowledged a complaint filed by the All India United Trade Union Centre alleging illegal termination of ICICI Bank employees across India. The complaint claimed that employees were dismissed without notice.
In July 2025, the Appellate Tribunal under the Prevention of Money Laundering Act upheld the Enforcement Directorate's seizure of properties linked to the Kochhars and Dhoot in the probe. The tribunal observed that a Rs 64 crore transfer linked to NuPower could constitute proceeds of crime.
The accused have denied wrongdoing in the case. Bakhshi is not implicated in the corruption cases, but the bank has faced serious allegations related to labour law violations during his term. Bhushan has referred, in his previous letter (April 2026) to the RBI on Bakhshi's continued position at the bank, that the RBI itself imposed a number of hefty penalties on ICICI Bank during his tenure.
The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
