New Delhi: Chanda Kochhar, the Managing Director and CEO of ICICI Bank has resigned from the bank with immediate effect on Thursday. ICICI Bank today announced that its board has accepted a request from Kochhar to obtain early retirement from the post of CEO. Her tenure as CEO was set to end on March 31, 2019. In a filing with the Bombay Stock Exchange, the board of India's largest private sector lender mentioned that it has accepted the request with immediate effect. "The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said on 4 October.

The board has decided to appoint Sandeep Bakhshi as next Managing Director and Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to various approvals.

Who is Chanda Kochhar?

• Chanda Kochhar was the Managing Director and CEO of ICICI Bank
• The 56-year-old woman is widely recognised for her role in shaping the retail banking sector in India
• She joined ICICI Limited in 1984
• She was instrumental in establishing ICICI Bank during the 1990s
• She served as head of infrastructure finance and corporate banking business during the period
• In 2001, Kochhar was given a position on the Board of Directors

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Chanda Kochhar and related controversy

• Amidst the recent investigation related to Videocon bad loans, Kochhar was forced by the board of ICICI Bank to take an indefinite leave
• The board of India's largest private sector lender ICICI Bank had earlier this year ordered an independent probe into allegations of 'conflict of interest' and 'quid pro quo' in bank's MD and CEO Chanda Kochhar's dealing with certain borrowers
• There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis