Money & Banking

ICICI Bank: Govt changes its nominee on the Bank Board

K.R. Srivats New Delhi | Updated on April 07, 2018 Published on April 07, 2018

The Centre has replaced its nominee on ICICI Bank’s Board with effect from April 5.

Lok Ranjan, a joint secretary at Department of Financial Services in the Finance Ministry, has replaced Government nominee Amit Agrawal, sources said.

This move comes at a time when this private sector lender is facing a controversy over alleged irregularities in grant of Rs 3,250 crore loan to Videocon group.

It may be recalled that the Central Bureau of Investigation had a week back registered a preliminary inquiry against Deepak Kochhar, husband of ICICI Bank’s MD & CEO Chanda Kochhar. The investigating agency also named Venugopal Dhoot, Chairman of the Videocon Group, besides unidentified others in the preliminary inquiry

Earlier this week, the ICICI Bank Board had issued a statement reposing “full faith and confidence” in Chanda Kochhar and had said that a review found the bank’s internal processes for credit approval to be robust.

srivats.kr@thehindu.co.in

Published on April 07, 2018
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