Prashant Bhushan urges RBI not extend Sandeep Bakhshi's ICICI tenure
Public-interest lawyer Prashant Bhushan has urged the Reserve Bank of India (RBI) not to extend Sandeep Bakhshi's tenure as ICICI Bank CEO, raising questions about his leadership.
Bhushan pointed out that the bank requested a two-year extension for Bakhshi, shorter than the usual three years, and flagged concerns about regulatory violations and management lapses.
Bhushan cites ₹12cr fine, ₹245cr frauds
Bhushan's letter highlights that ICICI Bank was fined ₹12 crore for approving loans tied to directors and late fraud reporting.
He also mentioned 22 recent fraud cases costing ₹245 crore and one data breach, plus 782 employees being let go over attendance issues in 2024, and four reported staff suicides.
Bhushan further called out Goods and Services Tax (GST) compliance problems, urging RBI to consider all these factors before making a decision.