The government has changed its nominee on the board of ICICI Bank which is under cloud for extending loans to the Videocon group.
It has nominated Lok Ranjan, Joint Secretary, Department of Financial Services, as government nominee Director on the board of ICICI Bank in place of Amit Agrawal, with effect from April 5, 2018.
The DFS informed the bank about the replacement on April 5. The Indian Express had reported about ICICI Bank’s loan exposure to the Videocon group which in turn invested in the company — NuPower Renewables — owned by Deepak Kochhar, husband of ICICI Bank MD and CEO Chanda Kochhar.
It’s not clear whether the government changed its nominee on the ICICI board in the wake of recent developments.
When reports about the loan to Videocon group came out, the ICICI Bank board had given a clean chit to Chanda Kochhar, MD and CEO of the bank.
The board has full confidence and reposes full faith in the bank’s managing director and CEO Chanda Kochhar, ICICI had said in a statement.