ICICI Bank MD on leave till probe is over

ICICI Bank’s MD and CEO Chanda Kochhar will be on leave till the probe into the allegations against her is completed. Sandeep Bakhshi who was the chief executive of the insurance wing has been appointed as a whole time director and chief operating officer to run the bank in her absence.

He will take charge as the COO for a five year term. The allegations against Ms Kochhar relate to the transactions between ICICI Bank, the Videocon group and NuPower Renewables a company promoted by Deepak Kochhar the husband of Chanda Kochhar. Justice B.N.Srikrishna a former Supreme Court judge will head the probe and submit a report.