RBI defends its nod for sacking Kochhar; matter to be heard on January 13

The RBI said while approving Kochhar's termination, it acted in accordance with the statutory provisions

The Reserve Bank of India (RBI) on Tuesday said its approval to the termination of former ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar was within its jurisdiction and was given after considering the request of Kochhar’s former employer.

The central bank was replying to Kochhar’s petition alleging that the RBI’s nod to her termination was illegal.

“It is not the function or role of the RBI while exercising such power to micromanage the actions of a bank and substitute its commercial wisdom for that of the bank,” the RBI said.

It also said, “While giving regulatory approval for termination of