The global rating agency said that the recent governance issues in leading private banks ICICI and Axis reiterate the need to improve risk management and maintain strong governance practices in the country. According to S&P, a number of banks in India confront serious governance and risk issues, and 'toning at the top' is crucial. The firm has called on to the leadership groups in Indian banks to enhance the risk culture, reputation, and financial strength of banks. The CBI quizzes ICICI Bank chief executive Chanda Kochhar's brother-in law Rajiv Kochhar in connection with the bank's loan to Videocon, global firm Morgan Stanley says that the bank's shares are under pressure driven by CEO's new concerns. According to Morgan Stanley, newsflow will drive volatility in the stock. Notably, S&P has 'BBB-' rating with a stable outlook for both the banks.