When CEOs shocked: Chanda Kochhar, Shikha Sharma, Rana Kapoor, others exit banking space

Oct 05, 2018, 17:51 PM IST
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The banking space in India was quite staid and dull till a few years ago. However, over the recent years it acquired controversies aplenty. Hope was that with the PNB scam, things would settle down again. However, it got worse! It was the private banks and CEOs that proceeded to shock everyone! The leaders under the scanner over shocking controversies include Chanda Kochhar, Shikha Sharma, Rana Kapoor and more:

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Chanda Kochhar and ICICI Bank

Chanda Kochhar and ICICI Bank

Chanda Kochhar on Thursday resigned from the post of MD and CEO of ICICI Bank with immediate effect. She was caught in a conflict of interest case involving her bank, her husband and Videocon. Chanda Kochhar, who is facing allegations of nepotism and conflict of interest, quit the bank six months before her current tenure was to end. Allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis are flying.  (Image: PTI)

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Rana Kapoor of Yes Bank

Rana Kapoor of Yes Bank

Another high profile banker, co-founder and chief of Yes Bank, Rana Kapoor has been asked by the Reserve Bank of India (RBI) to quit the post by January 2019. Kapoor, who has been managing director and CEO since the bank's inception in 2004, had sought a three-year extension till August 31, 2021. The RBI cut short the tenure of Kapoor and asked the private sector lender to look for his replacement by January 2019.  (Image: Reuters)

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Axis Bank chief Shikha Sharma

Axis Bank chief Shikha Sharma

Axis Bank chief Shikha Sharma is leaving in December. Shikha Sharma had decided to quit the bank by the end of this year. Although she got the approval of the board for a three-year term with effect from June 1, 2018, the proposal did not find favour with the RBI and her stint was cut by the central bank - this was over alleged divergences on bad loans. (Image: PTI)

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PNB and Allahabad Bank

PNB and Allahabad Bank

However, the problems have not been restricted to private banks. Allahabad Bank Managing Director (MD) and Chief Executive Officer (CEO) Usha Ananthasubramanian was sacked by the Centre and that too on her last day at work - just a day before retirement. The reason was her alleged links to the Punjab National Bank (PNB) fraud. She was a former PNB MD. (Image: Reuters)

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RBI Crackdown

RBI Crackdown

Why is RBI cracking down on banks? The banking sector has seen increased regulatory scrutiny over the last two years as the RBI has tried to push for appropriate recognition of bad loans, which many were hiding. The asset quality review initiated in December 2015 has led to banks recognising an additional Rs 6 lakh crore as bad loans. (Image: Reuters)

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