(Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.

ICICI Bank, India’s second-largest lender by market capitalization, has denied a media report Thursday which said Managing Director and CEO Sandeep Bakhshi wants to step down from his position.

The bank said the “information is figment of imagination and therefore, completely baseless and misleading. It appears that this rumor is being spread with an ulterior motive and malicious intent in order to harm the bank and its stakeholders.”

Earlier, news website The Morning Context reported Bakhshi had expressed his desire to step down due to personal reasons, citing three people aware of the development, but didn’t disclose their identity.

The report also said the Reserve Bank of India, the country’s banking regulator, is against Bakhshi’s plan to resign and has suggested that he may work remotely, if needed. A RBI spokesperson did not immediately respond to a text message from Bloomberg News.

©2024 Bloomberg L.P.