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RBI approves Kamath’s appointment

img_0065The Reserve Bank of India has approved the appointment of K.V. Kamath as non-executive chairman of ICICI Bank for three years effective from 1 May until 30 April 2017. RBI has also approved the re-appointment of managing director and chief executive officer Chanda Kochhar and executive director N.S. Kannan for three years starting 1 May 2014 up to 30 April 2017, while executive director K. Ramkumar’s appointment was approved effective 1 February 2014 to 31 January 2017. Last year, the bank’s board had approved the re-appointment of Kamath, Kochhar and executive directors Kannan and Ramkumar for five years each till 2019. These extensions were subsequently received shareholder approval at ICICI’s annual general meeting on 24 June 2013. However, the central bank has given each of them only a three-year extension. Separately, the bank board in a meeting approved the re-appointment of executive director Rajiv Sabharwal for a further period of five years effective 24 June 2015 up to 23 June 2020. The appointment is subject to a approval from the RBI and the bank’s shareholders after Sabharwal’s current terms expires on 23 June 2015.

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