ICICI Bank board defends MD on nepotism charges, quashes allegations

ICICI Bank’s board on Wednesday came out in support of its Managing Director and Chief Executive Officer Chanda Kochhar and quashed the allegations of favouritism while describing certain reports against her regarding credit disbursement to the Videocon group as “malicious and unfounded rumours”.

The bank’s board also reviewed its internal processes and exposure to the Videocon group, the lender said in a statement to the bourses. “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,” it said.

The second-largest private lender said none