The Board of Directors of ICICI Bank Limited, accepted the request of Ms. Chanda Kochhar to seek early retirement from the Bank at the earliest. 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.

Ms Kochhar will also relinquish office from the Board of Directors of the Bank's subsidiaries. The Board decided to appoint Mr. Sandeep Bakhshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals.

The other terms and conditions of his appointment, such as remuneration, would remain unchanged. Separately, due to health reasons Mr. MD Mallya, Independent Director, resigned from the Board and the same was accepted.