Why Chanda Kochhar Quits As ICICI Bank Chief?

The former ICICI Bank Chief Chanda Kochhar, 56, has resigned from the post of CEO and Managing Director. She has been on leave since June and being investigating for the charges of conflicts of interest. The investigation against Chanda Kochhar involves a loan of 3, 250 Crore INR to the Videocon Group that will not be affected, said the ICICI bank on its regulatory filing to the BSE i.e. Bombay Stock Exchange.

The Chief Operating Officer of ICICI Bank, Sandeep Bakhshi will replace Chanda Kochhar and hold the position of CEO and MD as well.

Chanda Kochhar will also quit the boards of ICICI Bank Subsidiaries. In the year 2012, 3,250 Crore INR loan was granted to Videocon group. In March, a whistleblower alleged that Chanda Kochhar’s husband Deepak Kochhar and her family took advantage from this deal. The Bank has accused her of Nepotism but further, they have removed this allegation and has expressed their full-faith in her.

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