Correct call, finally: But the delay shows ICICI Bank board in poor light

Accusations about improper loan evaluation procedures at the highest level should have been addressed much before now

The board of directors of ICICI Bank on Monday finally revealed what it was going to do in the medium term about the accusations that had rocked the bank for months. Chanda Kochhar, the bank's managing director and chief executive officer, would continue in that role, but would go on leave pending the conclusion of an inquiry that the board had already put into motion. The inquiry committee is being led by well-known jurist-investigator Justice B N Srikrishna; it will examine whether any inappropriateness accompanied dealings between ICICI Bank and Videocon — the subject of recent allegations against Ms Kochhar,