Government changes ICICI Bank Board nominee

According to a BSE filing, the government has nominated Joint Secretary Lok Ranjan of the Department of Financial Services, as its nominee Director with effect from April 5, 2018. 

Ranjan comes in the place of Amit Agrawal, as per the communication that the bank received from the Department of Financial Services, Ministry of Finance. 

Traditionally, the government nominates a Joint Secretary-rank official from the ‘Inclusive Banking’ arm of the Finance Ministry to the board of ICICI Bank.

Sources said the development is “routine” as Agrawal’s portfolio had changed and he has been succeeded by Ranjan. This assumes significance as recently the bank’s MD-CEO Chanda Kochhar allegedly granted a wrong loan to Videocon Group. 

“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 bank said in a statement on March 28.