Business

RBI rejects Sandeep Batra's appointment as ICICI bank Executive Director

Sandeep Batra

Sandeep Batra   | Photo Credit: Special Arrangement

ICICI bank can resubmit the application after one year

The Reserve Bank of India (RBI) has rejected ICICI Bank's proposal to appoint Sandeep Batra as executive director after market regulator Sebi penalized him of ₹2 lakh in his capacity as the compliance officer of the bank in 2010, in a matter related to the merger with Bank of Rajasthan.

According to a exchange filing, the lender said RBI has communicated that it will not accept the request and the bank can resubmit the application after one year.

ICICI Bank has initiated Settlement proceedings under SEBI (Settlement Proceedings) Regulations.

"The Bank has received a communication from RBI not acceding to the request for appointment of Mr. Batra at present and to resubmit the proposal for approval after one year from the conclusion of settlement proceedings" ICICI Bank said.

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Printable version | Feb 20, 2020 2:23:06 PM | https://www.thehindu.com/business/rbi-rejects-sandeep-batras-appointment-as-icici-bank-executive-director/article29857734.ece

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