In other news, ICICI Bank Board also recommended to the Board of Directors of ICICI Prudential Life Insurance Company to appoint NS Kannan as the Managing Director & Chief Executive Office (CEO) of the company subject to regulatory and other approvals. He will take charge on June 19.
Bakhshi has been the Managing Director & CEO, of ICICI Prudential Life Insurance Company, since August 01, 2010. All Executive Directors on the Board of ICICI Bank and the executive management will report to him. Bakhshi was serving as MD and CEO of the bank's insurance subsidiary, ICICI Prudential Life, before his appointment. Read full story here: Chanda Kochhar steps aside for conflict probe durationThe announcement of Kochhar being asked to go on a leave comes amid speculations of her stepping down and eighty-three days after ICICI Bank reposed "full faith and confidence" in her stating there was "no question of any quid pro quo/nepotism/conflict of interest".
Earlier in the day, shares of ICICI Bank rose as much as 4 per cent, amid reports of reshuffle of top management.
The bank on May 30 announced that its Board has made a decision to institute a "comprehensive enquiry" to look into an anonymous whistleblower's complaint alleging that Kochhar had not adhered to provisions relating to "code of conduct" of the bank. However, during the period of her leave, he will report to the board. The Videocon promoter allegedly loaned Kochhar Rs 64 crore through his company Supreme Energy and then transferred its ownership to Deepak Kochhar for Rs 9 lakh. The whistleblower alleged that ICICI Bank gave a Rs 3,250 crore loan to the Videocon Industries in 2012 under Kochhar's watch. Before joining ICICI Lombard in 2002, he looked after corporate clients for the bank's Northern and Eastern regions.
Over the last two months, sources say the CBI has examined loan documents and documentation pertaining to the role that Dhoot played in helping set up energy firm NuPower (run by Kochhar's husband, Deepak Kochhar).
2016: Arvind Gupta, a whistleblower, writes to prime minister Narendra Modi and finance minster Arun Jaitley alleging nepotism by Kochhar in the loan extended to NuPower Renewables.
ICICI Bank's year-on-year net profit for Q4FY18 (January to March) fell almost 50 percent, to Rs 1,020 crore, as bad loans and provisions soared. The lender denies any wrongdoing and argues that there was no financial transaction involved with Rajiv Kochhar. "During her period of leave, the COO will report to the Board", the ICICIBank statement said.
Who and what are behind Germany's government crisis?
She has meetings planned this week with the leaders of Italy and France, and an European Union summit is scheduled June 28-29. Migration "is a European challenge that needs a European answer", she said in her weekly video message Saturday.