Skip to content
Subscriber Only
Opinion
Andy Mukherjee

Mirror, Mirror, Who’s the Real ICICI Boss?

This is a welcome swap for shareholders.

Narendra Modi can’t afford to let the ICICI crisis fester.

Narendra Modi can’t afford to let the ICICI crisis fester.

Photographer: Mint/Getty Images

Chanda Kochhar, the chief executive officer of India’s second-biggest lender, has left the building, and her new deputy should waste no time in letting stakeholders know who the real boss is: It’s him.

Investors and commentators like me have been hoping since early April that ICICI Bank Ltd.’s board would remove the CEO to save the lender’s reputation. Kochhar’s husband and brother-in-law received an alleged quid pro quo in return for loans made by ICICI.