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Chanda Kochhar quits as ICICI Bank CEO; inquiry to continue

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Next set of reforms will target improving persistency levels

New Delhi, 04 October : Facing enquiry over charges of nepotism and conflict of interest, ICICI Bank managing director and chief executive officer (CEO) Chanda Kochhar on Thursday quit the bank.

She quit the post six months before her current tenure was to end. Kochhar has also resigned from all subsidiaries of the bank including ICICI Securities where she had sought reappointment as the chairperson.

ICICI Bank said in a statement that the board elevated Chief Operating Officer (COO) Sandeep Bakhshi as the new managing director and CEO for five years until 3rd October 2023.

The bank further said that the external enquiry instituted by the board against Kochhar in May will continue and the benefits to her would be subject to the outcome of the probe.

Following the board’s decision to institute an enquiry by retired Supreme Court Justice B N Srikrishna, Kochhar went on leave in May.

There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.

It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

There are also allegations that NuPower got investments of 325 crore rupees from Mauritius-based Firstland Holdings, a company owned by Nishant Kanodia, son-in-law of Essar Group co-founder Ravi Ruia.

The Reserve Bank in its 2016 investigation in the matter had raised questions over the ownership of the Mauritius-based entity, Firstland Holdings, which had invested 325 rupees crore in NuPower.

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