ICICI Bank Chief Executive Officer Chanda Kochhar is advised to proceed on leave to enable a smooth inquiry process in the recent ICICI scam. The charges of favouritism and impropriety are being investigated in the case.
- The Bank’s Executive Director N S Kannan will become the Chief Executive of ICICI Prudential Life Insurance subject to regulatory approval.
- ICICI Prudential Life’s Bakshi will be the new Chief Operating Officer of the bank.
- During the leave period of Ms. Chanda Kochhar the Chief Operating Officer will report to the board.
- The second round of charges were framed on May 3, after which the board decided to go for an independent investigation.
- Bakshi has been appointed as the COO w.e.f June 29, 2018 and will handle all businesses and Corporate Centre functions of the bank.
- Justice B N Srikrishna is expected to probe the case, to find whether the business dealings between Kochhar’s husband Deepak Kochhar and Dhoots of Videocon were disclosed in line with the bank’s code of conduct.
ICICI Bank has been in focus on account of conflict-of-interest allegations by a whistle blower against Kochhar on account of loans given to Videocon Industries Ltd.