Department of Financial Services Joint Secretary Lok Ranjan is being shifted to Department of Personnel and Training as Joint Secretary in a reshuffle of bureaucrats announced by the government on Thursday. Ranjan, who was on April 5 appointed as the government's nominee director on the board of the ICICI Bank, did not attend the lender's crucial board meeting held on Monday and Tuesday. Ranjan not attending the ICICI Bank's board meeting was a “conscious move” by the finance ministry, as it neither wanted to endorse the present management nor give them a clean chit till the conclusion of investigations into the alleged conflict of interest and impropriety, government sources had said on Tuesday Sources had said that since the Central government is a minority investor in the ICICI Bank and, its views, unless backed by significant evidence, could have been set aside by the bank's board. With Ranjan's departure, the finance ministry may have to appoint a new official as its nominee on the bank's board. The Appointments Committee of the Cabinet has approved Ranjan's appointment at the DoPT for a period of five years.] ICICI Bank's MD and CEO Chanda Kochhar, who is facing allegations of conflict of interest while sanctioning loans to the Videocon group, on Monday said that the bank’s board had made its stand clear on the issue of conflict and the CEO’s role. She said the bank will co-operate with all regulators and agencies on the issue. The government nominee is unlikely to attend the bank's board meet until the probe is completed.
