Thursday, 26 July 2018

US regulator intensifies probe into ICICI Bank: Report

US markets regulator Securities and Exchange Commission (SEC) has stepped up its investigation into alleged wrongdoings at the ICICI Bank, in step with a report by Mint.

SEC officers spoke to highexecutives at the bank, as well as Chief money handler(CFO) Rakesh Jha and chief(GM) Rajendra Khandelwal, double within the previous few months, the report says.

The North American countryregulator asked for the bank’s accounting practices particularly associated withthe loans given between 2010 and 2016. several of the loans given throughout this era turned unhealthy later.

According to the report, the probe gathered pace when a 3rd source grievance to the SEC, the banking concern of India|Bharat|Asian country|Asian nation} (RBI) and also the Securities and Exchange Board of India (SEBI), alleging that the personal loaner had deliberately delayed provisioning of a minimum ofthirty one loan accounts to inflate profit by a minimum of$1.3 billion over a amount of eight years.

On June 11, ICICI Bank had aforesaid that it had not received any "specific communication" from the SEC with respect to alleged lapses involving the lender's chief Chanda Kochhar and her members of the family.

The bank's response was sought-after by stock exchanges over a report that aforesaid that the matter of alleged lapses involving Kochhar had return beneaththe scanner of the SEC.

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