ICICI Bank Managing Director Chanda Kochhar has resigned from the bank. The Bank said on Thursday that it has accepted Chanda Kochhar's request for an early retirement.

Kochhar will relinquish office from the board of directors with immediate effect, the private sector bank said in a regulatory filing. She will be replaced by Sandeep Bakhshi who will be elevated to managing director and CEO, ICICI Bank said.

"The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," ICICI Bank said.