RBI appoints Michael Patra as Deputy Governor of RBI.
New Boss in Town: The Government today appointed Michael Debaprata Patra as the Deputy Governor of the RBI for a duration of three years, nearly six months after former Deputy Governor Viral Acharya’s pre-mature resignation.
Patra currently serves as an Executive Director at the RBI.
The Central Bank currently has three Deputy Governors - NS Vishwanathan, BP Kanungo and MK Jain. Financial Express
Give Me My Money Back: ICICI Bank has filed a civil suit against former Managing Director (MD) and Chief Executive Officer (CEO) Chanda Kochhar for the recovery of ?12cr ($1.6m) that she had received as bonus and other benefits during April 2006 to March 2018.
Kochhar had entered into an agreement with the lender that allowed them to seek return of the variable pay in case of integrity breach.
Kochhar has been accused of playing a role in granting out-of-turn loans worth ?3,250cr ($460m) to Videocon Group, benefitting her husband Deepak Kochhar. Business Today
Phewww!: India Inc heaves a sigh of relief as The Securities and Exchange Board of India (SEBI) allowed companies two more years up to April 2020 to split the role of Chairman and Managing Director (MD), and ensure that the Chairman is not related to the CEO or MD.
Of the top 500 companies, 162 have the same person as Chairperson, MD and CEO, according to data compiled by NSE Infobase, run by Prime Database. In 52 other companies, the Chairperson and MD/CEO are related. Indian Express
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