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Criticised for its silence in the ICICI Bank-Videocon controversy, the government has said it is a minority shareholder in ICICI Bank, and the board can overrule its view.
The government will wait for investigative agencies’ reports on the loan given to the Videocon group, CNBC-TV18 reported, quoting a government official.
The official said the government would act promptly if the reports indicted the bank officials of any wrongdoing.
Also Read: ICICI Bank Q4FY18 profit drops 50% on jump in NPAs
Currently, Lok Ranjan, joint secretary in the department of financial services, is the government nominee on the ICICI Bank board and was replaced a few days after the controversy in place of Amit Agarwal.
The official added that the government has not submitted any view on the matter to the Reserve Bank of India (RBI), which has the powers to inspect the bank’s books.
In the post results press conference, Kochhar had confirmed that Ranjan was "not able to attend" the Board meeting for approving the financial results on Monday and likely to have skipped the meet on Tuesday as well.
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