Lalit Kumar appointed as Centre’s nominee on ICICI Bank

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Centre has appointed Lalit Kumar as the new government nominee on private sector bank ICICI Bank.

icici_bankKumar, a 1995-batch Indian Economic Service (IES) officer, is at present an Economic Advisor in the department of financial services of the finance ministry will replace Lok Ranjan.

He has also worked with the Insurance Regulatory Development Authority of India as its executive director and financial adviser.

Ranjan has been transferred to the Department of Personnel and Training (DOPT).  He is a 1989-batch IAS officer of the Tripura cadre.

The position of Centre’s nominee came into the limelight after allegations encircling former ICICI Bank CEO Chanda Kochhar on conflicts of interest in sanctioning of loan to Videocon group.

Kocchar offered to resign from the bank in October and lender’s board accepted her request for early retirement, promoting COO Sandeep Bakhshi to the CEO role for five years.

Reacting to the allegations, ICICI Bank had formed a committee under retired Supreme Court judge Justice BN Srikrishna to investigate into allegations against Kocchar over conflict of interest over a Rs 3,250 crore loan disbursed to the Videocon Group in 2012.

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