ICICI chief Chanda Kochhar is under scanner
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ICICI Bank CEO Chanda Kochhar quits

Mumbai, Oct 04: ICICI Bank CEO Chanda Kochhar quit from the post on Thursday with immediate effect.

ICICI Bank in press release has informed that the bank has appointed Sandeep Bakhshi as MD and CEO for a period of five years, with effect from October 3.

It is said that the Videocon loan controversy worked against Chanda Kocchar. As far as ICICI bank is concerned, Chanda Kochhar is veteran with long 34 years of service. The board of ICICI Bank — India’s largest bank by assets — said it has accepted Chanda Kochhar’s request for early retirement. Subsequently, ICICI Bank has appointed Sandeep Bakhshi as MD and CEO for five years, with effect from October 3.

Chanda Kochhar was on leave since June, pending an enquiry into alleged conflict of interest in giving a loan to Venugopal Dhoot’s Videocon Industries, with which her husband Deepak Kochhar had allegedly made undue advantages. (PenNews with input from UNI)