ICICI Bank appoints Sandeep Bakhshi as COO, Chanda Kochhar goes on leave
.jpg)
The board of ICICI Bank has appointed Sandeep Bakhshi whole-time director and chief operating officer (COO) to run the affairs of the private lender. Chanda Kochhar, managing director (MD) & chief executive officer (CEO) will be on leave, pending the probe.
The changes come amid allegations of a quid pro quo in transactions between Videocon Industries, Kochhar and her husband Deepak Kochhar’s company NuPower Renewables.
The bank board has appointed former Supreme Court judge B N Srikrishna to probe allegations of conflict of interest against Kochhar. He will be aided by a number of internal and external ‘experts’ to complete the investigation. The bank said Bakhshi’s appointment as COO will be for a period of five years, subject to regulatory approvals.
He will take over as COO on June 19 or on the date of regulatory and other approvals, whichever is later, the bank said in a filing with the BSE.
He will be responsible for handling all the businesses and corporate centre functions at the bank. All executive directors on the board of ICICI Bank and the executive management will report to him. Bakhshi will report to Chanda Kochhar, who will continue in her role as MD & CEO.
Bakhshi is at present MD & CEO of ICICI Prudential Life Insurance Company.
Kochhar has decided to stay on leave till the completion of the enquiry as announced on May 30, 2018, the bank said. During her period of leave, the COO will report to the board.
Prior to moving to the life insurance arm, Bakhshi was deputy MD of ICICI Bank. He looked after the corporate clients in the northern and eastern regions of ICICI Limited before joining ICICI Lombard in 2002. ICICI Bank board also recommended to the board of directors of ICICI Prudential Life
Insurance Company to appoint N S Kannan as MD & CEO of the life insurer, subject to regulatory and other approvals.
Other Latest News
.webp)
Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
.webp)
Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
.webp)
The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
.webp)
Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
.webp)
Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
.webp)
.webp)
.webp)
.webp)
.webp)
