ICICI Bank said in a regulatory filing on Friday said independent director Rama Bijapurkar has submitted her resignation from the board of directors of the bank, effective January 23, 2022.

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Bijapurkar cited a potential conflict of interest due to engagement with other FIs as part of teaching engagements as the reason for the resignation.

In an exchange filing, the bank said, "This is to inform you that Ms. Rama Bijapurkar, Independent Director, vide letter dated January 20, 2022, received by the Bank at its Corporate Office today, has tendered her resignation from the Board of the Bank with effect from January 23, 2022.

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The resignation letter with reason as indicated is enclosed. Ms. Bijapurkar in her letter has also confirmed that there is no other material reason for her resignation other than the one mentioned in the resignation letter."

In the resignation letter, she said, "It is with regret that I submit my resignation from the board of ICICI Bank Ltd. I have recently been given to understand by management that my teaching activity in the area of market and business strategy at an educational institution with which I am associated and my research activities on India's consumer economy at a not for profit research centre with which I am associated, which may require me to occasionally engage with other financial service companies or the investor community, could be in violation of the conflict of interest policy of the Bank and the regulator- even in the event of no direct remuneration being earned.

In order to avoid any possible ambiguity on my position at any future date as a result of these activities, I have decided to step down. The effective date of my resignation is 23rd January 2022 and I want to confirm that there is no other material reason for my resignation other than the one mentioned above."

(Edited by : Jomy Jos Pullokaran)

First Published:Jan 21, 2022 11:22 PM IST