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Time to consider interim CEO of ICICI Bank?
Time to consider interim CEO of ICICI Bank?

 

MUMBAI: With the ongoing inquiry into ICICI Bank CEO Chanda Kochhar’s alleged conflict of interest and as ICICI board divided over Chanda Kochhar's future, at least one board member is of the view that the focus should be on asserting the force of the institution rather than defending charges against an individual.

 This could lead to a proposal for an interim CEO, with Kochhar for the short term stepping down until the inquiry is over, news agency Bloomberg reported on Monday.

The bank, which is mainly owned by foreign institutional investors, is now facing inquiry with respect to various media reports.

Before the day, ICICI Bank had deprived of reports that some directors want Kochhar to step down for the interim.

On March 28, the ICICI Bank board had issued a sturdy statement in favour of the CEO, saying it had reviewed credit processes and found them strong. However, soon after the board meeting, CBI sources said it had registered a preliminary investigation against Deepak Kochhar, Videocon group officials and others to prove if there was any illegality in the sanctioning of a Rs 3,250-crore loan to the Videocon Group.

Ahead of the conflict of interest allegations, ICICI Bank has been under fire from the RBI for not following rules while selling government bonds. Last month, RBI had imposed fine of Rs 59 crore to the bank for treasury violations.

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