Chanda Kochhar takes early retirement from ICICI bank

After Chanda Kochhar quit as ICICI Bank CEO and MD, the bank's shares surged by six per cent

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ICICI bank on Thursday accepted the request of its Chief Executive Officer (CEO) and Managing Director (MD) Chanda Kochhar for an early retirement. Kochhar is currently under investigation by Central Bureau of Investigation (CBI) in connection with the Videocon loan case.

After Kochhar’s exit was announced, Sandeep Bakshi replaced her as the CEO and MD of the private lender bank. The veteran banker headed the bank since May 2009 and her current tenure was getting over on March 31, 2019. 

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This move comes after the allegation made against Chanda Kochhar for providing investment to her husband Deepak Kochhar’s company - NuPower Renewables – through Videocon group company in exchange of a loan from ICICI bank. According to media reports, ICICI Bank gave a loan of ₹3250 crore to Videocon. However, Videocon was unable to pay back the loan.

Bakshi’s tenure will remain for five years until October 3, 2023. A mechanical engineer by profession, he started his career with ICICI in 1986.

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