Former finance ministry officials in shortlist for ICICI Bank chairman

29 Jun 2018

1

The board of India's second largest bank after SBI, will meet on Friday to discuss the appointment of a new chairman.

Four former bureaucrats who have worked with the finance ministry are in the shortlist of candidates to succeed M K Sharma, whose tenure as chairman ends on 30 June.
The selected candidate’s name will have to be cleared by the Reserve Bank of India. 
The appointment of the new chairman comes at a time when ICICI Bank is battling one of its worst management crises.
Business Standard reported, citing  a person privy to the development,  “The board is of the view that the bank needs a seasoned bureaucrat from the Indian Administrative Service (IAS) who is methodological, has a good grasp over economy-related issues, and had served in a senior position in the Ministry of Finance.” 
Among the names considered by the board of ICICI Bank, are former finance ministry officials, including former Sebi chirman C B Bhave, Shaktikanta Das, former revenue secretary and current member of 15th Finance Commission and India’s Sherpa at G20, D K Mittal, former financial services secretary; and Tapan Ray, former corporate affairs secretary and interim economic affairs secretary.
“It is prudent to select a candidate who could lead the board in the current situation as the bank is facing a reputational risk on account of various charges against ICICI Bank MD and CEO Chanda Kochhar. The decision should be able to convince shareholders to keep the faith in the system,” another person told Business Standard.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers