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RBI disallows appointment of Batra as ED at ICICI Bank

The Reserve Bank of India has rejected ICICI Bank’s proposal to appoint Sandeep Batra as ED. This follows SEBI levying a penalty of Rs 2 lakh on him in a matter related to the merger of Bank of Rajasthan with ICICI Bank in 2010. He was then compliance officer at the bank. The bank said in a filing with the stock exchanges that RBI has communicated that it will not accept the request to make Batra as ED of the bank and the bank can resubmit the application after 1 year.

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