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Agencies The Supreme Court on Friday refused to entertain former ICICI bank managing director and CEO Chanda Kochhar’s plea seeking retirement benefits from the bank. A bench of Justices Sanjiv Khanna and SVN Bhatti said, “Not a case for interference. We are not inclined to interfere with the high court order. “The special leave petition
Reserve Bank of India MPC meet Updates: India restricts corporate houses from owning banks, raising questions about their absence despite financial capabilities. Allowing them could foster 'connected lending,' granting preferential loans to connected parties. While a 2020 RBI proposal advocated their entry, criticism centered on consolidating economic and political power.
The Supreme Court upheld a Bombay High Court order refusing to stay the termination of former ICICI Bank CEO Chanda Kochhar. The court dismissed her plea seeking retirement benefits and entitlements like Employee Stock Options (ESOPs), which were allegedly revoked by the bank after her "illegal termination." The court stated that there was no case for interference.
India's central bank today said it has decided to tighten connected lending regulations to avoid cases influential or persons in power can sway decisions on lending in favour of borrowers with close connections. Shaktikanta Das said the RBI will come out with a unified regulatory framework on connected lending.
The Reserve Bank of India (RBI) is tightening connected lending norms to address concerns related to persons in power who influence lending decisions having close connections with borrowers. RBI Governor Shaktikanta Das announced a unified regulatory framework on connected lending for all regulated entities to avoid gaps in regulation.