Jan Man: ICICI Bank's board reposes faith on Kochhar, refutes allegations on Videocon exposure

Amid controversy on ICICI Bank's exposure to Videocon group, the private lender on Wednesday said its board reposed full "confidence" and "faith" on its MD and CEO Chanda Kochhar and after reviewing the bank's internal credit approval processes, concluded that there is no question of any favouritism, nepotism or quid-pro-quo.

"...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," it said in a statement.

According to the lender, in 2012, a consortium of over 20 banks and financial institutions sanctioned facilities to the Videocon group (Videocon Industries Ltd and 12 of its subsidiaries/ associates as co-obligors) for a debt consolidation programme and for the group's oil and gas capital expenditure programme aggregating approximately Rs 40,000 crore.

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