Videocon loan case: Govt nominee to stay away from ICICI Bank board meet

Ministry to wait for feedback from RBI, probe agencies in Videocon loan deal

The government nominee on the board of ICICI Bank might continue to skip meetings till it receives feedback from investigative agencies and the Reserve Bank of India (RBI) on the allegations of conflict of interest against its Chief Executive Officer and Managing Director, Chanda Kochhar, related to loans worth Rs 32.5 billion extended to the Videocon group of companies.

The government is of the view that it is a minority stakeholder on the board of ICICI Bank and can be overruled by the private bank's board as investigating agencies are yet to establish conflict of interest in the case. The