Private sector lender ICICI Bank has initiated an internal probe to look into allegations by a whistle-blower against its Managing Director and CEO Chanda Kochhar.

The bank’s Board of Directors decided on Tuesday to institute an enquiry headed by an “independent and credible” person. The name of the person was not disclosed.

“The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics and e-mail reviews and recordal of statements of relevant personnel, etc,” the bank said in a regulatory filing to the bourses on Wednesday.

While the lender did not elaborate on the allegations, it said the whistle-blower complaint disclosed information alleging that Kochhar did not adhere to the Bank’s Code of Conduct, to legal and regulatory provisions relating to “conflict of interest”. It also alleged quid quo pro in dealing with certain customers.

The Board has now asked the Audit Committee to operationalise its decisions and appoint an independent and credible Head of Enquiry, ICICI Bank added.

The move comes nearly two months after allegations of quid pro quo were reported against Kochhar, her husband Deepak Kochhar, and his company NuPower Renewables regarding a ₹3,250-crore loan given to the Videocon Group in 2012. However, until now the ICICI Board has staunchly defended the bank’s CEO, despite calls by many investors to examine the charges.

The CBI and the Tax Department have also been looking into the issue.

On Wednesday, the ICICI Bank scrip fell 1.86 per cent on the BSE to end at ₹285.25.

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