Latest news with #ChandaKochhar
Mint
9 hours ago
- Business
- Mint
Deepak Parekh's BIG revelation: Chanda Kochhar had proposed ICICI Bank-HDFC merger. Here's what he replied
Veteran banker and former chairman of HDFC Ltd Deepak Parekh recently revealed that ex-ICICI Bank CEO Chanda Kochhar had once made a bold pith to him, suggesting to merge the two financial giants. This came years before HDFC was eventually merged with its banking arm. During a candid conversation on her YouTube channel, Parekh told Chanda Kochhar that the proposed deal was never talked about in public. 'I remember you talking to me once. I remember it very clearly. It's never been talked about in public, but I'm willing to share it now,' the veteran banker said. 'You said that ICICI started HDFC. 'Why don't you come back home?' That was your offer,' he said. Interestingly, creation of HDFC Ltd was financially supported by erstwhile ICICI Ltd, the parent entity of ICICI Bank. However, Parekh revealed that he had declined the offer, reasoning 'it won't be fair or proper with our name and the bank and all.' Deepak Parekh further talked about the HDFC-HDFC Bank merger that was completed in July 2023. Talking to Chanda Kochhar, he said that the union was mainly driven by regulatory pressure. 'RBI supported us and they pushed us into it to some extent and they helped us,' he said. However, he revealed that 'there were no concessions, no relief, no time, nothing,' while acknowledging the RBI 'helped us to go through the process and get the approval.' Parekh said that the merger deal was kept as a secret. 'It was kept a secret. No one knew about it—when it hit the press in the morning, that's when everyone found out. The government was aware because RBI was in touch with them, and we kept it so close—just lawyers, due diligence, accountants,' he said. Looking back at the day when the merger was closed, Parekh described it as a 'sad day and a happy day'. The veteran banker described the merger as good for the institution, adding that it is good for the country to have large banks. Indian banks must grow through acquisitions to become stronger in future, he added.
Time of India
20-05-2025
- Business
- Time of India
Ex-UCO Bank CMD Goel's arrest in alleged fraud case latest in list of bank honchos sent behind bars
Central investigative agencies have arrested several bank executives, including former UCO Bank CMD Subodh Kumar Goel, in connection with alleged loan fraud cases. Other prominent figures like Chanda Kochhar (ICICI Bank), Rana Kapoor (Yes Bank), and Yogesh Agarwal (IDBI) have also faced arrest and investigations for financial irregularities. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The arrest of former UCO Bank CMD Subodh Kumar Goel in an alleged loan fraud case is the latest in the list of bank honchos sent behind bars by central investigative agencies, officials said Tuesday. The Enforcement Directorate arrested Goel from his residence in Delhi on May 16 on money laundering charges in an alleged bank loan fraud case of more than Rs 6,200 crore linked to Kolkata-based Concast Steel and Power Ltd (CSPL) and ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar were arrested by CBI on December 23, 2022, for alleged irregularities in loans granted to Videocon arrest was later termed illegal by the Bombay High Court, which confirmed a January 2023 interim order passed by another bench granting them bail. The CBI has challenged the order before the Supreme Managing Director and CEO of Yes Bank Rana Kapoor was arrested in 2020 by the Enforcement Directorate on allegations of money CBI also investigated Kapoor in several cases, including the DHFL loan scam, Avantha Group, and Ezeego One Travels and Tours Limited (EOTTL). Kapoor could walk out of jail after four years of incarceration when a special court granted him CMD of IDBI , Yogesh Agarwal, and Deputy Managing Director, BK Batra, were in CBI net in 2017 during the probe of alleged irregularities in granting a loan to Kingfisher Airlines, promoted by flamboyant businessman and former MP, Vijay Mallya, who had absconded and later ensconced in London. The Bombay High Court granted both bail after two CBI had arrested Syndicate Bank Chairman cum Managing Director S K Jain and five others in 2014 for allegedly taking a Rs 50 lakh bribe to enhance the credit limit of some companies, bypassing rules and agency CBI filed two cases against him for allegedly receiving a bribe of Rs 50 lakh and "fraudulently bypassing" rules and regulations to enhance the credit limit of two companies accused of being involved in a coal scam.
