Meet Sandeep Bakhshi, The Man Behind ICICI Bank’s Turnaround Story

Sandeep Bakhshi, who took over as the Managing Director and CEO of ICICI bank on October 15, 2018, is one of the highest-paid bankers in India. When Bakshi was elevated to the top post of ICICI Bank, the private lender was in trouble. His predecessor Chanda Kochhar had resigned under allegations of money laundering. When people’s faith in ICICI bank was wavering, Sandeep Bakhshi helped the bank restore its lost credibility.

Sandeep Bakhshi was born on May 28, 1960. He earned a mechanical engineering degree from Chandigarh’s Punjab Engineering College. Following that, he did a post-graduation course in management from Xavier School of Management (XLRI), Jamshedpur.

Bakhshi has been associated with the ICICI group since 1986. He became the MD and CEO of ICICI Lombard General Insurance in April 2002. After that, from August 2010 to June 2018, he also held the post of MD and CEO of ICICI Prudential Life Insurance. Prior to his appointment as MD and CEO of ICICI Bank, he was a Wholetime Director and the Chief Operating Officer (COO) of the Bank.

When Bakhshi took over ICICI Bank in 2018, the share price of the bank on BSE was Rs 313.35 per piece. A day after Bakhshi’s elevation the shares closed at Rs 825 apiece on March 16, 2023. This was an indication that the investors had reposed faith in the management of the bank.

Under the leadership of Sandeep Bakhshi, the market cap of ICICI Bank increased to about Rs 5.74 lakh crore.

According to reports, his annual salary in the financial year 2022 was Rs 7.98 crore, which is approximately Rs 65 lakh per month. Following the financial crisis post the COVID-19 pandemic, Sandeep Bakhshi reportedly did not draw any salary in 2021.

As per a Forbes India report, ICICI Bank witnessed a 77 per cent jump in core operating profit to Rs 10,600 crore as on December 31, 2021, which stood at Rs 5,667 crore in the third quarter of 2018 when Bakhshi took charge.

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