The Reserve Bank of India has approved the reappointment of Sandeep Batra as the executive director of ICICI Bank for a period of two years. The reappointment will take effect once approved by the bank's shareholders, as mentioned in an exchange filing on Monday.

Earlier, on June 12, the RBI also approved the reappointment of Rakesh Jha as executive director of the bank for another two-year term, which will run from September 2, 2025, to September 1, 2027.

In a recent regulatory development, the central bank imposed penalties on four banks in May, including ICICI Bank and Bank of Baroda, for lapses in regulatory compliance. ICICI Bank received a penalty of Rs 97.8 lakh for non-compliance with RBI directives on the Cyber Security Framework, Know Your Customer norms, and guidelines related to credit and debit cards.

Despite these penalties, shares of ICICI Bank closed 0.76 percent higher at Rs 1,426.90 on the National Stock Exchange, outperforming the benchmark Nifty’s 0.92 percent rise. Over the past 12 months, the stock has gained 27.08 percent and has risen 11.33 percent so far this year.

According to Bloomberg data, out of 53 analysts tracking ICICI Bank, 50 have given a ‘buy’ rating and three have recommended ‘hold.’ The average 12-month price target suggests a potential upside of 14.7 percent.