May 30, 2018 / 10:54 AM / 3 months ago

ICICI Bank to probe allegations against CEO Chanda Kochhar

(Reuters) - ICICI Bank Ltd said on Wednesday it will institute an inquiry into the allegations raised by an anonymous whistleblower against Chief Executive Chanda Kochhar.

ICICI Bank's Chief Executive Officer Chanda Kochhar listens to a speaker at a news conference in Mumbai, India March 15, 2018. REUTERS/Francis Mascarenhas

ICICI, India's third-biggest lender by assets, said bit.ly/2sjkAQN the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank's code of conduct and whether her actions involved "conflict of interest".

The bank is battling allegations that Kochhar allegedly favoured Videocon Group in its lending practices. Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband.

The bank has backed Kochhar, calling the rumours “malicious and unfounded”.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan

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