putting its weight in the back of the distinguished CEO Chanda Kochhar, the ICICI bank in a statement on Wednesday stated large exposures have been permitted through the credit score Committee of the Board. It brought that the Chairman of the credit score committee until as late as June 2015 turned into usually a non-executive director.
at the same time as Kochhar changed into on the committee which sanctioned Rs 3,250 mortgage to Videocon in 2012, the financial institution said that Kochhar did not chair the committee which had many unbiased directors.
defending Kochhar, ICICI financial institution Chairman MK Sharma stated the board does not see this as a battle of interest in any manner considering Videocon group isn’t always an investor in NuPower renewables, so there has been no need to recuse herself from this committee.
in advance, the board had stated there are ok checks and balances in mortgage appraisal, score and approval techniques within the financial institution.
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Kundapur Vaman Kamath isn’t a strange call in corporate India. In his lengthy career, he has donned many jobs. but many of the most vital become his stint at the helm of ICICI financial institution as the lead government Officer and dealing with Director from might also 2002 to April 2009. the formerIIM- Ahmedabad alumni are credited for technological transformation at ICICI, and advancing its insurance andasset management segments.over time, Kamnath held pinnacle positions in many ICICI devices inclusive of ICICI Prudential, ICICI Securities, ICICI private monetary and ICICI Lombard.
however, it is no longer simply ICICI. Kamnath became inside India’s IT massive Infosys’ center crew between October 2014 and June 2015 as non-govt chairman, earlier than he stepped all the way down to take up the position of President at the BRICS’ New improvement bank. amongst many recognitions, he became also conferred with the Padma Bhushan, considered one of India’s maximum civilian honors, in 2008.
widely recognized for her position in shaping the retail banking sector in India and for her leadership, Chanda Kochhar has been the Managing Director & CEO of ICICI bank confined because of 2009. Kochhar who joined ICICI restricted in 1984 changed into instrumental in setting up the financial institution for the massive it’s far these days. For her contribution, Kochhar was multiplied to the Boardof administrators of ICICI bank in 2001.
- In 2015, she changed into named one of the ‘one hundred most Influential humans inside the world‘ by means ofTIME magazine. Kochhar became conferred with the Padma Bhushan, one of India’s highest civilian honors in 2011.’
reference: business today