ICICI Bank’s chief Chanda Kochhar quits

One of India’s leading multinational banking and financial services company, ICICI Bank, on Thursday accepted the resignation of its managing director and chief executive officer Chanda Kochhar, above, who had sought an early retirement.

Sandeep Bakhshi will replace her as the new managing director and chief executive officer.

Kochhar had gone on leave from June until the completion of an inquiry involving her into alleged conflict of interest in granting loan to Videocon Industries with which her husband Deepak Kochhar had business dealings.

While an independent person will conduct the internal probe into allegations raised by an anonymous whistle-blower, federal agencies have launched separate investigations.

Kochhar’s post-retirement benefits will be subject to the outcome of the inquiry.

Separately, ICICI Bank has accepted the resignation of independent director MD Mallya.