ICICI Bank Limited has approved the re-appointment of Ms. Vibha Paul Rishi as an Independent Director for a second term commencing January 23, 2027, subject to shareholder approval. The decision was taken by the Board of Directors at its meeting held on June 29, 2026. The new tenure is set to conclude on December 31, 2028, aligning with the completion of her decade-long association with the ICICI Group.

The re-appointment follows a recommendation from the Board Governance, Remuneration and Nomination Committee. Ms. Rishi's current tenure is valid until January 22, 2027. The appointment is compliant with the RBI (Commercial Banks: Governance) Directions, 2025 dated November 28, 2025.

Ms. Vibha Paul Rishi brings extensive experience in marketing and innovation, having held leadership roles at PepsiCo, Max India, and the Future Group. She holds an MBA in Marketing from the Faculty of Management Studies, University of Delhi, and an Honours degree in Economics from Lady Sri Ram College. Her expertise spans accountancy, finance, risk management, and strategy.

The Board also convened the 32nd Annual General Meeting (AGM) of the members of the Bank. The meeting is scheduled for Friday, August 21, 2026, at 11:00 a.m. IST via Video Conferencing and other audio-visual means. The Notice of the AGM and the Annual Report 2025-26 will be dispatched electronically to members with registered email addresses.

August 3, 2026, has been fixed as the Record Date to determine member eligibility for any dividend declared on equity shares during the AGM. The Board meeting, which commenced at 2:00 p.m., concluded at 4:00 p.m. on the same day.

ICICI Bank has received approval from the Reserve Bank of India to purchase an additional stake of up to 2% in its subsidiary, ICICI Prudential Life Insurance Company Limited. This move is intended to ensure the bank maintains its shareholding in the insurance entity above the 50% threshold. The approval, communicated via a letter dated June 24, 2026, is subject to compliance with certain conditions stipulated by the regulator.

The bank had initially disclosed its intention to acquire the additional shares on February 28, 2026. The regulatory nod now paves the way for ICICI Bank to proceed with increasing its ownership in ICICI Prudential Life Insurance. The transaction is part of the bank's strategy to retain a majority stake in its insurance arm.

Regulatory Approval Details

The Reserve Bank of India's approval is specific to the purchase of additional shareholding up to 2%. The bank must adhere to the conditions mentioned in the regulator's letter to finalize the transaction.

Key Transaction Information