The central bank of India approved the appointment of Sandeep Bakhshi as managing director and CEO of ICICI Bank Ltd., effective Oct. 15.

He will serve a three-year term, according to an Oct. 16 stock exchange filing.

Earlier in October, the bank's board initially appointed Bakhshi to head the lender for five years.

The move comes after the resignation of Chanda Kochhar amid an investigation into her alleged involvement in disbursing improper loans to conglomerate Videocon Group.