It is better late than never and ICCI board has taken the right step by ordering a probe against its MD and CEO Chanda Kochhar as the bank is in the news for all the wrong reasons which has wiped out its market cap to peanuts from its onetime high networth. However, one fails to understand how a fair probe can be conducted with Chanda Kochhar still at the helm and the board should ask her to step down temporarily till the investigation reports are submitted to the board.
Dubious transactions involving Chanda Kochhar ‘s husband having some links with ICICI Bank are in public domain which needs probe which is the reason why an investigation has been ordered. Chanda Kochhar has no business to head the bank she represents and should resign till her name is cleared in the controversy. Accountability is missing in most Indian banks which is the reason why NPAs and bad loans are on the rise. RBI should come out with clear cut guidelines so that the networth of banks can be protected in future!
(The views expressed by the author in the article are his/her own.)