Eggs on Face: BJP Reacts After ICICI Bank Responds to Congress Claims

ICICI Bank Responds to Congress Claims on SEBI Chief's Salary

Congress alleges conflict of interest, BJP calls it baseless

The Bharatiya Janata Party (BJP) has reacted strongly to the Congress's allegations that Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch received a hefty pay hike from ICICI Bank while her husband was a top executive at the bank.

The Congress had alleged that Buch's salary at ICICI Bank jumped from Rs. 10.67 lakh per month in 2019 to Rs. 2.34 crore per month in 2022, while her husband, Nimesh Buch, was the bank's managing director and CEO.

In a statement, ICICI Bank said that Buch's salary was determined by the bank's compensation committee, which is independent of the board of directors. The bank also said that her husband had no role in determining her salary.

BJP Calls Congress Allegations Baseless

The BJP has dismissed the Congress's allegations as baseless. Party spokesperson Gaurav Bhatia said that the Congress was trying to create a false narrative to tarnish the reputation of the SEBI chief.

Bhatia said that Buch is a highly respected and experienced professional who has served in various positions in the financial sector. He said that her appointment as SEBI chief was based on merit and not on any political considerations.

Congress Demands Probe

The Congress has demanded a probe into the matter. Party leader Jairam Ramesh said that the allegations against Buch are serious and need to be investigated thoroughly.

Ramesh said that the government should order an independent inquiry into the matter to clear the air and restore public confidence in the SEBI.

Key Points

• The Congress has alleged that SEBI chief Madhabi Puri Buch received a hefty pay hike from ICICI Bank while her husband was a top executive at the bank.
• ICICI Bank has denied the allegations, saying that Buch's salary was determined by the bank's compensation committee.
• The BJP has called the Congress allegations baseless and an attempt to tarnish Buch's reputation.
• The Congress has demanded a probe into the matter, saying that the allegations are serious and need to be investigated thoroughly.