Chanda Kochhar quits ICICI Bank with immediate effect

"The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said on Thursday. 

Sandeep Bakhshi will be appointed as Managing Director and Chief Executive Officer. 

He will hold the position for a period of five years until October 3, 2023, subject to various approvals.