Published: Tue, June 19, 2018
Money | By Armando Alvarado

All you need to know about ICICI Bank COO Sandeep Bakhshi

All you need to know about ICICI Bank COO Sandeep Bakhshi

ICICI Bank has also recommended to the board of directors of ICICI Prudential Life Insurance Company that it appoint N.S. Kannan as its managing director and CEO, replacing Bakhshi.

Though the bank's board had initially backed the CEO, pressure was mounting on Kochhar to either step down or recuse herself from the daily operations of the lender until the enquiry was completed. "Since the events are already recorded and possibly can not be altered, requesting Kochhar to proceed on leave at this point in time may send the wrong signal to stakeholders, especially after the board had showed full confidence and faith in her when the issue first broke out", the report quoted one of the board members as saying. The board didn't see any conflict of interest in Kochhar not recusing herself from the credit committee that had cleared the Videocon loan.

Mumbai: ICICI Bank on Monday asked Chanda Kochhar, its managing director and CEO, to go on leave till the completion of an inquiry into a whistleblower's allegations of conflict of interest related to loans to a couple of borrowers. Before joining ICICI Lombard in 2002, he looked after corporate clients for the bank's Northern and Eastern regions. All executive directors and the executive management will report to Mr. Bakhshi, the bank informed the stock exchanges following a meeting of its board on Monday. The opposition parties' insinuation that Modi's party is doing nothing to stop crony capitalists and pliant bankers won't help win next year's election. Removing Kochhar barely months after going out on a limb in her defence would make directors vulnerable to legal attacks from the bank's American depositary receipt holders.

The probe will examine questions that have been raised by whistleblower-investor Arvind Gupta over ICICI sanctioning loans to the Videocon Group in 2012 allegedly because its chairman Venugopal Dhoot had business dealings with Kochhar's husband Deepak Kochhar.

Prince Harry and Meghan Markle attend Trooping the Color ceremony
The newly-weds will embark on their first major global visit with a four-country tour which will also take in Fiji and Tonga. Earlier, the pomp and pageantry of Trooping the Colour was staged on Horse Guards Parade - a first for Meghan .

The CBI is investigating the loan transaction to understand if there was any wrongdoing.

Chanda Kochhar began her career with the ICICI Limited in 1984. In the 1990s, she was involved in building up the infrastructure industry group of the bank, surrounding lending to power and telecom businesses. Prior to her term as the CEO - succeeding KV Kamath, she spent two years as joint managing director and CFO of the bank.

In the 2000s, she has focussed on building the bank's retail business, besides technology and innovation and distribution channels across India and overseas. Its net NPA ratio for the three months to March rose to 5.4 percent from 4.6 percent in the previous quarter. Kochhar's current term ends in March, and the directors can't possibly be waiting for the judge to finish up fast so they can reward her with another stint.

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