Chanda Kochhar Quits As ICICI Bank Chief: 10 Things To Know
- Chanda Kochhar, 56, had requested early retirement, said the bank.
- Benefits due to Ms Kochhar will be "subject to the outcome of the inquiry", according to ICICI's statement.
- Ms Kochhar will also quit the boards of ICICI Bank subsidiaries.
- The Rs 3,250-crore loan was allegedly granted to the Videocon Group in 2012. In March, a whistleblower alleged that Ms Kochhar's husband Deepak Kochhar and her family members benefited from the dealings.
- Videocon's Venugopal Dhoot had an investment in NuPower Renewables, a company founded by Chanda Kochhar's husband.
- Earlier, ICICI Bank had rejected the accusations of nepotism and had expressed "full faith" in Ms Kochhar.
- In May, however, the bank announced that its board had decided to set up a "comprehensive enquiry" to investigate the charges against Ms Kochhar. As more allegations surfaced, a multi-agency probe was launched.
- In June, Mr Bakhshi was appointed as COO of the bank after Ms Kochhar decided to go on leave until the inquiry was over.
- Ms Kochhar began her career with ICICI Limited in 1984 and was elevated to the board of directors in 2001.
- She was the joint managing director and chief financial officer from 2007 to 2009, and was elevated as the managing director and CEO in 2009.
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