Indian multinational company ICICI Bank will review all loans it disbursed in the last five years, reported livemint.

The decision comes at the backdrop of the intensification of probe against it by the US Securities and Exchange Commission (SEC). The process is expected to help the bank in rectifying the loopholes in the system and face any probe, livemint reported on Monday.

According to the report, people close to the development said that bank’s compliance division, risk management department and department handling NPAs have asked main loans divisions to provide valuations of the securities on bad loans during the five year period.

“After the recent board-level changes, the top management is planning to review the credit disbursal processes followed by the bank so far and take corrective actions. The exercise was initiated following the regulatory probes into the bank’s dealings…The objective is to avoid future controversies regarding the bank’s loan disbursal processes and strengthen corporate governance practices,” a person was quoted as saying in the report.

The development also comes as an attempt by the bank to change its image that has been hit by the recent investigations and allegations. Under the newly appointed chief operating officer Sandeep Bakhshi, ICICI is trying to bring large scale changes, added the report.