Chanda Kochhar is the MD and CEO of ICICI Bank and is known for her role in shaping the retail sector of the bank in India. Currently she is on an indefinite leave in relation to the investigation of the bad loans to Videocon. She had been part of the bank since 1984 and entered its board in 2001. Kochhar had played a huge role in establishing the bank back in the 1990s. She became the CEO in 2009 and was responsible for the diverse operations of the bank in the country and beyond.
Brief Profile: History, Life and Career
Kocchhar was born on 17 November 1961, in Jodhpur, Rajasthan. She studied there at St Angela Sophia School. Later she received her BCom degree from Mumbai University and a degree in cost accountancy from the Institute of Cost Accountants India. She completed her Masters in Management Studies from Jamnalala Bajaj Institute of Management Studies in Mumbai. For her outstanding results in Management Studies she won the Wockhardt Gold Medal for Excellence along with the JN Bose Gold Medal for cost accountancy. She started working in ICICI Bank as management trainee. She became the CEO in 2009 after taking the baton from then CEO KV Kamath.
Chanda Kochhar: Interesting facts
Introducing new concepts
She is the first woman to introduce the idea of consumer credit market. The concept is not only new to her but also to the entire banking sector.
ICICI Bank won the prizes of the Best Retail Bank four times during her tenure in the years 2001, 2003, 2004 and 2005.
Chanda Kochhar won the Padma Bhushan Award in 2010 for her contribution to the banking sector. It is the third highest award for civilians.
Kochhar also won awards like Retail Banker of the year 2004, Rising Star Award in 2006 and Business Woman of the Year 2005.
She is awarded with the “Business Woman of the Year” in 2005 by The Economic Times.
Chanda Kochhar got to the No. 1o position among the “Most Powerful Women in the Business” in the Forbes List and rank 92 in “Most Power Women in the World” Forbes List in 2010.
Head of ICICI
Kochhar is the director of ICICI Prudential Life Insurance and ICICI International LTD apart from being the Managing Director and Chief Executive Officer of ICICI Bank.
Chairperson of other boards
Chanda Kochhar is also part of several other boards including India-Japan Business Leaders Forum and also the US-India CEO Forum. She also happens to be the President of the International Monetary Conference.
Mom’s the world
Kochhar’s mother worked as a boutique designer to support the family after they lost their wealth and land following the partition of 1947. She is from a Sindhi family.
Chanda Kochhar married Deepak Kochhar and the two have a daughter Arti and a son Arjun. Arti is doing her engineering while Arjun is still doing his studies.
She received a hike of 15% in 2017 in her basic salary. Her basic salary at the end of the March 2017 fiscal year was Rs 2.66 crore and earlier it was Rs 2.31. Her package includes perquisites, performance bonus, gratuity fund, superannuation fund, allowances.
Presently, Chanda Kochhar and her husband are facing a probe into the huge loan of Rs 3250 crore to the Videocon group. The company owns ICICI more than Rs 40,000 crore and is going to the bankruptcy courts to settle the matter. The income tax department as well as The Central Bureau of Investigation is investigating the issue.