New Delhi, Mar 28 (PTI) ICICI Bank board today came out in support of its Managing Director and CEO Chanda Kochhar, saying it has full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as “malicious and unfounded rumours”. Also Read - Have You Faced ATM Transaction Failure Due to Insufficient Balance? Here’s What You Need to do
ICICI Bank board also reviewed the bank’s internal processes for credit approval and found them robust, the private sector lender said in a regulatory filing. Also Read - ICICI Bank Launches Online Platform For Foreign Companies Setting up India Ops
Certain reports have appeared on a website alleging involvement of Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis. It was also pointed out that a complaint had been forwarded to Prime Minister Narendra Modi and others for necessary action against Kochhar. Also Read - Rohit Chadda, The Turnaround CEO Carved Out Another Success Story in 2020
“The board has come to the conclusion that there is no question of any quid pro quo/ nepotism/ conflict of interest as is being alleged in various rumours.
“The Board has full confidence and reposes full faith in the Bank’s MD and CEO Ms. Chanda Kochhar,” the bank said.
It also said that rumours are being spread to malign the bank and its top management.
With regard to the exposure to the Videocon group, it said the bank’s current exposure is a part of the syndicated consortium arrangement.
“ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012,” it added.
This is published unedited from the PTI feed.