ICICI Bank Reviews Credit Approval Process and Expresses Full Confidence in Kochhar

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The country’s largest private lender, ICICI Bank, said Wednesday that no employee, regardless of position, has the capacity to influence the bank’s decision.

The bank said its share of the banking sector exposure to the Videocon group was less than 10% and that it was not the main bank in the consortium that lent Videocon.

The bank said it had sanctioned its share of the facilities of around Rs 32.5 billion.

“There is no question of consideration / nepotism / conflict of interest as alleged in various rumors,” the bank said.

None of Nupower Renewables’ investors are borrowers from the bank, ICICI Bank said.

The bank added in its statement that “the board of directors has full confidence and trusts the managing director and chief executive officer Chanda Kochhar.”

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