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ICICI Bank on Friday said that it is in touch with the US markets regulator Securities and Exchange Commission (SEC) over “the timing and amount of the bank’s loan impairment provisions taken under US GAAP”.
In a regulatory filing to the stock exchanges, it said that it has been responding to requests for information from the SEC investigatory staff.
The lender has been under fire over allegations against its MD and CEO Chanda Kochhar of quid pro quo and corporate misconduct for loans given to the Videocon Group.
“The bank evaluates loans for impairment under US GAAP for the purpose of preparing the annual footnote reconciling the bank’s Indian GAAP financial statements to US GAAP,” it said, adding that it has complied with all requests of the SEC investigatory staff for information and interviews related to the bank’s US GAAP loan impairment process.
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