- ICICI said the probe would be headed by an independent person
- Ms Kochhar allegedly favoured Videocon Group in lending practices
- The bank has backed Ms Kochhar, calling the rumours "malicious"
ICICI, India's third-biggest lender by assets, said the probe, headed by an independent person, would examine allegations that the chief executive did not adhere to provisions relating to the bank's code of conduct and whether her actions involved "conflict of interest".
The bank is battling allegations that Ms Kochhar allegedly favoured Videocon Group in its lending practices. Videocon's founders had an investment in a renewable energy company founded by Ms Kochhar's husband.