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Too many skeletons in closet of the banking sector?

Friday, April 13, 2018

There are too many skeletons in ICICI Bank's cupboard and it looks the weakest among all private sector banks. The bank has been aggressive in lending, often poaching other banks customers with baits and goodies. The sweeteners are like diabetes as the banks books have turned unhealthy over the years. The latest scam that has been unearthed is loans to the JP group companies which is another group in the insolvency stage which is bad news for ICICI Bank. The ICICI Bank needs to change its business model as well as its top management to survive in today's tough competitive business environment where business ethics are comprised.
— S.N. Kabra, Goregaon

The ongoing crisis in India’s banking system is finally at the doors of India’s top private banks and is now threatening to sully the reputation of two of India’s best known women bankers. ICICI Bank’s managing director and CEO, Chanda Kochhar has been accused of being complicit in a quid pro quo arrangement that ensured investment in her husband’s firm in lieu of bank loans to the Videocon group, while the Reserve Bank of India has raised questions over Axis Bank’s chief executive Shikha Sharma’s performance, putting her continuance in office in doubt. Retaining Chanda Kochhar and Shikha Sharma for an unduly long time as CEOs of ICICI Bank and Axis Bank respectively is the root cause for all the problems in these Banks. RBI's checks and balances were not up to the mark on this count.
— Arati Abhishek, Kalina

I welcome the decision of the Central Bureau of Investigation (CBI) to have inquiry against ICICI Bank MD and CEO Chanda Kochhar's husband Deepak Kochhar in the alleged involvement of a loan provided to Videocon group on quid pro quo basis. The latter had availed of Rs. 3,250 crore loan from the bank, of which Rs. 2,810 crore remained unpaid. Venugopal Dhoot, promoter of Videocon Group, Deepak Kochhar (husband of ICICI Bank managing director and chief executive officer (CEO) Chanda Kochhar) and unknown others have been named as suspects in the scam. The official said Chanda Kochhar had not been named as a suspect in the case. In 2012, Whistleblower and Trustee of Indian Investors Protection Council, Arvind Gupta had earlier claimed that Chanda Kochhar was a beneficiary of the loan. Evidence shows strong links that Chanda Kochhar and her family are a huge beneficiary of this loan. There must be through investigation and whoever is guilty must be punished.
— Bhagwan Thadani, Mumbai

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