Since Chanda Kochhar’s husband was directly involved with the borrowing firm Videocon, anyone can assume that the possibility of some undue favours cannot be written-off. Though for ICICI it was not a cause of concern at all. Rather they gave her clean chit in this matter on first instance. However such a hasty decision by board was not expected but board was busy in the process of damage control to its brand image. While doing so board forgot it was its responsibility to ensure that bank followed all the codes and regulations. From day one it was clear that ICICI had failed on issue of banking governance. Even Reserve Bank did not find this matter that important. And in this way ICICI Board and RBI allowed bank to fail.
ICICI Board Allowed Bank to Fail: ICICI-Videocon Matter
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