ICICI Bank Ltd (NYSE:IBN) is one of the trusted companies in India providing a wide range of banking services. One of its major achievements was the rise to the second position in terms of the banks with the largest number of assets. It was today that its committee of executive directors gave it the go ahead to proceed with the offshore borrowing.
A close outlook
The latest reports indicate that the committee did not cite any particular amount.
The bank outlined, “The Committee of Executive Directors of the bank at its meeting held today has approved the proposed offshore borrowings by way of issuances of debt instruments and certificate of deposits by the bank subject to business requirements/market conditions.”
It was also today that the company disclosed details regarding Chanda Kochhar. The official led the bank for many years, a matter that a lot of people celebrated for over a while. That was because the official was representative of women in top most positions in the country.
The turn of events
Kochhar resigns from then top seat as the bank engages in a probe targeting to establish the source of some irregularities that occurred during her tenure. The business guru seeks to scrutinize all the loans granted at the time. It suspects massive irregularities in the entire process.
The board welcomed the retirement of the official. Sandeep Bakhshi takes over and reports indicate that for over a while he served in a de-facto capacity.
The Videocon group is one of the big names mentioned in the probe. Sources point out to the suspicion that the group obtained a loan through irregular means. The early departure of the official won’t affect the daily undertakings of the bank adversely according to its spokesperson. A lot of things are already in place as the company works towards getting to the bottom of the matter.
The company kicks off by testing the leadership abilities of Bakhshi for over a period of three years. The official feels honored and promises to work around the clock towards helping the bank regain its lost glory and dignity.