Mumbai: ICICI Bank has appointed former bureaucrat Girish Chandra Chaturvedi as its non-executive part-time chairman. Chaturvedi will take over his new role from July 1 for a period of three years.

He will replace current chairman M.K. Sharma, whose term ends on June 30.

"The board has approved the appointment of Girish Chandra Chaturvedi as non-executive part-time chairman, effective from July 1, 2018, or the date of receipt of the Reserve Bank of India's approval for such an appointment, whichever is later, in the vacancy caused by the cessation of the term of M.K. Sharma (independent director and chairman)," ICICI Bank said in a filing with the stock exchanges on Friday.

The board is understood to have selected him from a list of four even as the bank's independent director, M.D. Mallya, was tipped for the post.

"The board is extremely pleased with this development and believes that Chaturvedi will provide maturity and sagacity to the deliberations of the board. This will also ensure a seamless and smooth transition of leadership at the board and will address stakeholder concerns," ICICI Bank said.

Chaturvedi, a 1977 batch IAS office from the Uttar Pradesh cadre, retired as oil secretary in January 2013. He also worked in the department of financial services - the administrative department of the banking and insurance sectors - for five years, including as additional secretary. An MSc in Physics and Social Policy from the London School of Economics and a doctorate in economic history from the University of Oxford, Chaturvedi has been on the boards of IDBI Bank, Canara Bank and Bank of Baroda as government nominee.

Commenting on his appointment, Chaturvedi said he was looking forward to taking up the new assignment but it was too early to say what his priorities or action plan for the bank would be.

Observers feel Chaturvedi will have his hands full given the challenging times that the bank was going through. One of his tasks will be to strengthen the board's reputation.

ICICI Bank's CEO and managing director Chanda Kochhar is on an indefinite leave till the completion of an inquiry into a whistleblower's allegation of conflict of interest related to loans given to some corporates.

Both the bank and its CEO have received notices from the Securities and Exchange Board of India (Sebi), asking them to respond on matters relating to alleged non-compliance with certain provisions of the erstwhile listing agreement and the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Amid these developments, ICICI Bank has received another whistleblower complaint, which has alleged irregularities in the conduct of a few accounts, leading to incorrect asset classification.