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December 2018
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News Headlines
Trump's son-in-law Jared Kushner possible next chief of staff: US media        Sri Lanka PM Mahinda Rajapaksa to resign, says his son after court setback        Rahul Gandhi After Rafale Verdict: "Will Prove PM Helped Anil Ambani"        Author Amitav Ghosh Honoured With 54th Jnanpith Award        Supreme Court sees no wrongdoing in Rafale deal, rules out probe        India bowled a little bit short, Australia pacers could benefit: Border        ISL: FC Goa thrash NorthEast United 5-1        BWF World Tour Finals: PV Sindhu, Sameer Verma Register Easy Wins To Enter Semifinals        Diving legend says HIV-contracted friend inspired him to Olympic gold        India beat Pakistan to reach final of Emerging Teams Asia Cup        Boosting exports key to make India $5-tn economy by 2025: Kant        Prabhu, US Commerce Secretary to discuss trade issues on Feb 14        Ceasefire for key Yemen port agreed at peace talks: UN        Britain's May sees no 'immediate breakthrough' at EU        Poll results prove Ram Temple or communal polarisation doesn't cut ice with people: Sinha        Ashok Gehlot appeals to Cong workers in Raj to maintain peace        Rahul tweets pic with Kamal Nath, Scindia as race for CM moves to Bhopal        Aussies will fight back, but India has upper hand: Ghavri        World Tour Finals: Tough road ahead for Sindhu; Sameer too eyes knockout berth        Govt should consider 100% FDI in multi-brand retail trade: CII report        
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Business News
It's for RBI to decide on Chanda Kochhar's term at ICICI Bank: Finmin
 
(Mumbai, Apr 09, 2018):The Finance Ministry is of the view that it is not their role to look into the affairs of private lender ICICI BankNSE 0.07 % but the RBI as a regulator could look at allegations heaped against the bank's CEO Chanda Kochhar, official sources said.

It is for the RBI to decide if Kochhar should continue to be the CEO and Managing Director of the bank, sources said, adding the regulator or ICICI Bank board is competent to take a decision on continuation of the incumbent CEO in the office.

There are allegations of nepotism against Kochhar putting a question mark on the bank's corporate governance.

According to the reports, Kochhar's husband Deepak Kochhar had formed a joint venture with VideoconNSE -5.98 % promoter Venugopal Dhoot for a business dealing in renewable energy and there were a string of transactions later, which gave him full control of the venture after the exit of Dhoot.

Late last month, the bank admitted that Kochhar did not recuse herself from a credit committee meeting which decided to give a Rs 3,250 crore loan to diversified Videocon Group in 2012.

The Central Bureau of Investigation has initiated a preliminary enquiry into the matter to check any wrongdoing, while other agencies, including the Enforcement Directorate (ED), are also investigating the case.

However, the bank's board has stood firmly behind Chanda Kochhar, saying no wrong was committed by her, and the committee was headed by the bank's then chief K V Kamath.

There are reports that a section of the bank's board is against the idea of Chanda Kochhar continuing in her role.

Global ratings agency Fitch today said it is doubtful about the strength of corporate governance at ICICI Bank.

The ratings agency said allegations against ICICI Bank are coming against a backdrop of high non-performing assets in the banking sector, some of which have been linked to fraudulent lending.

It warned that regulatory sanctions are also possible, depending on the outcome of investigations by the law enforcement agencies and there is also a risk of financial penalties and legal action.

The ongoing investigations will undermine investor confidence in the bank, and have potential implications for funding costs and liquidity in an extreme scenario, it warned, conceding that as a systemically important entity, the state will chip-in with support.


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INTERNATIONAL NEWS
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NATIONAL NEWS
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