MeraNews Network, Mumbai: The CEO and MD of India’s largest private sector bank in terms of assets- ICICI Bank, Chanda Kochhar has decided to resign from her post with immediate effect after the infamous Videocon loan saga put her role under the scanner. The bank has accepted her resignation and informed the stock exchanges about the same.

The bank said in a filing, “The inquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the inquiry. Ms Kochhar will also relinquish office from the Board of Directors of the Bank’s subsidiaries.” Sandeep Bakshi has been appointed the new MD and CEO for the tenure of five years, with effect from October 3.

Bakshi, who was previously the COO of the bank, was handling the responsibilities of the bank as the acting CEO ever since Kochhar had gone on a forced leave in June by the board of ICICI Bank after an inquiry was initiated against her for conflict of interest in granting loans to Videocon Industries, in which her husband Deepak Kochhar held business interests.

Chanda Kochhar had joined ICICI as a management trainee in 1984 and went on to rise in the ranks at the bank before being appointed as the managing director and chief executive officer in 2009. The banking veteran is known for being instrumental in establishing the bank during the early 90s and has featured prominently in the Forbes World’s Most Powerful Women and Fortune Most Powerful Women in Business list.