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Videocon loan row: ICICI board backs CEO Chanda Kochhar

Refuting reports of wrongdoing in the granting of loans to the Videocon Group, the board of ICICI Bank today expressed its “full faith and confidence” in the bank’s Chief Executive Officer Chanda Kochhar.

It may be recalled that Videocon Group had borrowed Rs 40,000 crore from a consortium of banks, where ICICI’s exposure was just Rs 3,250 crore. The loan was cleared based on Credit Committee’s approval.

The bank’s board then clarified that Chanda Kochhar was not the chairperson of the Credit Committee.

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