ICICI Bank okays independent probe into allegations against Chanda Kochhar

Without detailing the allegations, the bank in a regulatory filing said the enquiry will be headed by an independent and credible person

The board of India's largest private sector lender ICICI Bank has ordered an independent probe into allegations of 'conflict of interest' and 'quid pro quo' in bank's MD and CEO Chanda Kochhar's dealing with certain borrowers.

There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.

It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

Last week, market regulator Sebi had served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower.

The enquiry