Mumbai April 7 (IANS) 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.
--IANS
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