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Govt changes nominee in the ICICI Bank's board
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SME Times News Bureau | 09 Apr, 2018
Lending major ICICI Bank has said that the government has changed its nominee on the bank's board.
According
to a BSE filing, the government has nominated Joint Secretary Lok
Ranjan of the Department of Financial Services, as its nominee Director
with effect from April 5, 2018.
Ranjan comes in the place of Amit
Agrawal, as per the communication that the bank received from the
Department of Financial Services, Ministry of Finance.
Traditionally,
the government nominates a Joint Secretary-rank official from the
'Inclusive Banking' arm of the Finance Ministry to the board of ICICI
Bank.
Sources said that the development is "routine" as Agrawal's portfolio had changed and he has been succeeded by Ranjan.
The
development assumes significance as recently the bank's MD and CEO
Chanda Kochhar was alleged to had wrongly granted a loan to Videocon
Group. But the bank stood by Kochhar, saying the allegation nepotism by
the lender's MD and CEO Kochhar were unfounded and malicious in nature.
"...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. The Board has full confidence and reposes full faith in the
Bank's MD & CEO, Chanda Kochhar," the bank said in a statement on
March 28.
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