Mumbai: ICICI Bank, considered among the country’s well-heeled bank and also the largest private bank by consolidated assets, has fresh troubles brewing for itself after a whistle blower made a sensational claim that the bank may have used term loans and LCs (Letters of Credit). The complainant has alleged that the bank’s purported actions helped defaulters.
The whistle blower, a bank employee, revealed the claims in a letter to the bank’s internal audit team, who later prepared an interim report to be shared with the Reserve Bank of India.
The whistle blower’s letter claims that the bank, headed by CEO Chanda Kochhar, issued “hundreds” of letters of credit (LC) to debt-ridden firms with an intention to help them avoid defaults. It further reveals that the bank released credits…
