The issue was considered at a board meeting of ICICI Ventures, where Vishakha Mulye, currently head of ICICI group's general insurance business, is likely to succeed as the next chief. No official comments could be obtained.
Ramnath's resignation coincided with private sector lender Axis Bank appointing Shikha Sharma, the MD and CEO of ICICI group's life insurance business, as its next chief.
Both Ramnath and Sharma were reportedly in the race for ICICI Bank's top position to succeed MD & CEO K V Kamath, till Joint MD Chanda Kochhar was appointed to the position late last year.
While Kochhar takes over as the new MD & CEO of ICICI Bank from May 1, a day after Kamath hangs up his boots, Ramnath and Sharma were reportedly looking to exit the group for the past few months.