Chanda Kochhar quits ICICI Bank

In a sudden development, Chanda Kochhar today quit as CEO of ICICI Bank after her plea for early retirement was accepted by the bank. ICICI bank has appointed Sandeep Bakhshi as the Managing Director and Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to various approvals.

The bank also clarified that Kochhar's post retirement benefits would be subject to inquiry outcome.

The bank also said that the enquiry proceedings initiated against Chanda Kochhar will remain unaffected.

Kochhar was earlier sent on forced leave till the completion of an independent investigation into charges of conflict of interest against her in a case of her husband being a beneficiary of loans from the bank’s borrowers.

The Central Bureau of Investigation (CBI) is probing into allegations that the ICICI Bank chief 's husband Deepak Kochhar's company NuPower Renewables received an investment from a Videocon group company as a quid pro quo for a loan from the bank.

Kochhar joined ICICI Bank in 1984 as a management trainee and has had a dream run since then.