ICICI Bank Board Nominee Changed

Mumbai: Lending major ICICI Bank has said that the government has changed its nominee on the bank's board. According to a BSE filing, the government has nominated Joint Secretary Lok Ranjan of the Department of Financial Services, as its nominee Director with effect from April 5, 2018.

Ranjan comes in the place of Amit Agrawal, as per the communication that the bank received from the Department of Financial Services, Ministry of Finance. Traditionally, the government nominates a Joint Secretary-rank official from the 'Inclusive Banking' arm of the Finance Ministry to the board of ICICI Bank.

Sources said that the development is "routine" as Agrawal's portfolio had changed and he has been succeeded by Ranjan. The development assumes significance as recently the bank's MD and CEO Chanda Kochhar was alleged to had wrongly granted a loan to Videocon Group. But the bank stood by Kochhar, saying the allegation nepotism by the lender's MD and CEO Kochhar were unfounded and malicious in nature.

"...the Board has come to the conclusion that there is no question of any quid pro quo/ nepotism/conflict of interest as is being alleged in various rumours. The Board has full confidence and reposes full faith in the Bank's MD & CEO, Chanda Kochhar," the bank said in a statement on March 28.

IANS