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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.
The Supreme Court has questioned the CBI for not objecting to the repeated extension of bail granted to former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in a loan fraud case. The court asked why the probe agency did not resist the extension of bail, which was originally granted for only two weeks.
Police have filed a C-summary report stating that the case was registered due to a “mistake of facts” and the offence was civil in nature.
The disclosure made by a terminated ICICI Bank representative to the Central Bureau of Investigation (CBI) confirms Chanda Kochhar's violation of bank norms. As per the rep, the bank learned about the termination of loans to Videocon in 2018 when Kochhar responded to a SEBI query. Earlier, Kochhar had not informed the bank that her husband had business dealings with the company. The CBI's case is also strengthened by the RBI's Master Circulars and Directions against conflict of interest and evergreening of loans.
Videocon Group founder Venugopal Dhoot had during an argument over a flat told Deepak Kochhar, the husband of ICICI bank's former CEO and MD Chanda Kochhar.