Pedestrians walks past signage for ICICI Bank Ltd. automated teller machines (ATM) in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Government Nominee On ICICI Bank Board Transferred To Personnel Ministry

Senior bureaucrat Lok Ranjan, who is the central government’s nominee on the board of ICICI Bank Ltd., has been transferred to the Personnel Ministry.

His transfer comes a month after he was appointed on the board of the bank whose Managing Director and Chief Executive Officer Chanda Kochhar is facing allegations of conflict of interest in sanctioning of loan to Videocon group.

Also Read: Government Keeps An Arms Length From ICICI Bank-Videocon Loan Controversy

Ranjan, a 1989-batch IAS officer of the Tripura cadre, is at present joint secretary in the Department of Financial Services. He has been appointed as joint secretary in the Department of Personnel and Training, according to an official order issued yesterday, without citing further details.

Ranjan was appointed the government’s nominee of the bank, effective April 5, 2018, according to the ICICI Bank’s website. The bureaucrat had on Monday skipped board meeting of the ICICI Bank.

Also Read: ICICI Board Is Said to Be Divided Over CEO Kochhar's Future

The Central Bureau of Investigation has registered a preliminary enquiry against Videocon founder Venugopal Dhoot and Deepak Kochhar, husband of Chanda Kochhar, and unidentified others.

The probe agency had questioned a few ICICI Bank officials as part of its enquiry to find out if any quid pro quo was involved in the bank issuing a Rs 3,250 crore loan to the Videocon group in 2012.

The CBI had last month questioned Rajeev Kochhar, Chanda Kochhar's brother-in-law in connection with its enquiry.

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