The Reserve Bank of India (RBI) has approved the appointment of Pradeep Kumar Sinha as the part-time Chairman of ICICI Bank for a period of three years, effective from July 1, 2024. Sinha, a 1977-batch IAS officer, has previously served as the principal advisor to Prime Minister Narendra Modi and as the Cabinet Secretary. Additionally, the RBI has approved the appointment of R Vijay Anandh as the whole-time director of City Union Bank for three years. The RBI has also taken supervisory actions against ECL Finance Limited and Edelweiss Asset Reconstruction Company Limited, barring them from certain operations due to material supervisory concerns. Specifically, Edelweiss ARC has been directed to cease the acquisition of financial assets and reorganizing existing Security Receipts into senior and subordinate tranches.