Surabhi

The internal probe by ICICI Bank into allegations against its Managing Director and CEO Chanda Kochhar is expected to be completed in three months.

Sources close to the development said that the bank is likely to appoint the head of enquiry committee in the next few days.

“The Audit Committee has already started looking at possible people and agencies who can take forward the probe. An announcement is likely in the next few days,” said a person familiar with the development.

The internal inquiry is expected to conduct an audit of all transactions that have come under a cloud, and could also call for interviews with the concerned people, said another person familiar with the development.

“The bank board is also keen to clear the air and wants the probe to be started at the earliest,” said the second source, adding that the anonymous complaint is likely to have been from an insider in the company.

The board of ICICI Bank, had on May 30, announced that it has initiated an internal probe into allegations of quid pro quo and corporate misconduct by an anonymous whistleblower against Chanda Kochhar.

The board had, however, not given a timeframe for the completion of the inquiry.

Meanwhile, Kochhar, who is on annual leave, is expected to resume work later this month. Sources said she will continue in her current capacity and that her role is unlikely to be restricted due to the probe.

The internal inquiry comes nearly two months after allegations of quid pro quo were reported against Kochhar, her husband Deepak Kochhar and his company NuPower Renewables, and a ₹3,250-crore loan given to the Videocon Group in 2012.

Similar allegations have also come up on loans given by the bank to Essar Group, although both have denied these allegations.