Chanda Kochhar

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Chanda Kochhar

Born Chanda Advani

17 November 1961 (age 57)

Jodhpur, Rajasthan, India

Alma mater University of Mumbai

Occupation Former MD & CEO, ICICI Bank

Spouse(s) Deepak Kochhar

Children 2
 Chanda Kochhar (née Advani, born 17 November 1961) is the former MD and chief executive
officer of ICICI Bank.[1] She is widely recognised for her role in shaping retail banking in India.
However, on 4th October 2018 she stepped down from her position following allegations of
corruption.[2] Amidst investigations related to Videocon bad loans, she was forced by the board of
ICICI Bank to take indefinite leave. The Central Bureau of Investigation named Chanda Kochhar and
her husband as beneficiaries in the financial fraud.[3]The Justice B N Shrikrishna probe panel
reported that Kochhar had violated ICICI Bank's Code of Conduct, following which her service was
terminated with all her entitlements and benefits revoked.[4] After her exit, Sandeep Bakhshi, who
was the interim Managing Director and CEO became the full time MD and CEO. [2]

Contents

 1Early life
 2Career
o 2.11984–1993
o 2.21993–2009
o 2.32009 to 2018
 3Recognition
 4Allegations
 5Personal life
 6References
 7External links

Early life
Kochhar was born in Jodhpur, Rajasthan in a Hindu Sindhi family. She was educated at St. Angela
Sophia School, Jaipur. She then moved to Mumbai, where she joined Jai Hind College for B.Com
degree of University of Mumbai. After graduating in 1982, she studied cost accountancy
from Institute of Cost Accountants of India, and later did a Master of Management Studies degree of
University of Mumbai from Jamnalal Bajaj Institute of Management Studies, Mumbai. She received
the Wockhardt Gold Medal for Excellence in Management Studies as well as the J. N. Bose Gold
Medal in Cost Accountancy.[5]

Career
1984–1993
In 1984, Kochhar joined the Industrial Credit and Investment Corporation of India (ICICI)[6] as a
management trainee. During her early years at ICICI, she handled project appraisal and monitoring
and evaluated projects in industries such as textile, paper and cement.[5]
1993–2009
Kochhar was instrumental in establishing ICICI Bank during the 1990s. In 1993, Kochhar was
appointed as one of the core team members who were assigned the responsibility of setting up the
bank. She was promoted to assistant general manager in 1994 and then to deputy general manager
in 1996. In 1996, Kochhar headed the newly formed Infrastructure Industry Group of ICICI Bank,
which aimed to create dedicated industry expertise in the areas of power, telecom and
transportation. In 1998, she was promoted as the General Manager and headed ICICI Bank's major
client group, which handled relationships with ICICI's top 200 clients. In 1999, she also handled the
strategy and e-commerce divisions of ICICI Bank. Under Kochhar's leadership, ICICI Bank started
building the nascent retail business in 2000 focusing largely on technology, innovation, process
engineering and expansion of distribution and scale. In April 2001, she took over as executive
director.[5] In 2006, Kochhar was appointed as deputy managing director of ICICI Bank. In 2006–07,
Kochhar handled the international and corporate businesses of the bank. From 2007 to 2009, she
was the bank's chief financial officer (CFO) and joint managing director.[7]
2009 to 2018
In 2009 Kochhar was appointed as managing director and chief executive officer of the bank and
has been responsible for the bank’s diverse operations in India and overseas.[8] She also chairs the
boards of most of the bank’s subsidiaries, which include India’s leading private sector life and
general insurance companies.
Kochhar is a member of the India–Russia Business Leaders Forum and the US-India CEO
Forum.[9] She was the president of the International Monetary Conference, an organisation that
annually brings together the chief executives of approximately 70 of the world's largest financial
institutions from 30 countries, along with officials from government institutions in 2015–16. She is the
deputy chairman of the Indian Banks Association. Kochhar is the chairperson of the board of
governors at IIT Vadodara. She is also on the boards of the National Institute of Securities Markets
and Institute of International Finance. Kochhar has been a member of the Prime Minister's Council
on Trade & Industry, the Board of Trade and High-Level Committee on Financing Infrastructure. She
was co-chair of the World Economic Forum's Annual Meeting in 2011.
Kochhar received an honorary doctorate from Carleton University, Canada in 2014,[10] in recognition
of her pioneering work in the financial sector, effective leadership in a time of economic crisis and
support for engaged business practices. She was conferred with the Padma Bhushan, one of India's
highest civilian honours, in 2011. [11]
Acting on a 2016 allegation of a shareholder of Videocon Group over a possible conflict of interest of
Kochhar, ICICI Bank's board reviewed its credit approval process and found them strong and
cleared Kochhar of the allegations.On 4th October 2018 she stepped down from her position as
Managing director and CEO of ICICI Bank. [12].[13]

Career
 Chanda Kochhar joined the Industrial Credit and Investment Corporation of India
(ICICI) as a management trainee in 1984. When she joined ICICI, she was handling
project appraisal and was monitoring and evaluating projects in industries like textile,
paper and cement.
 In 1993, when the ICICI Bank was being set up, Chanda Kochhar was appointed as
one of the core team members and granted major responsibilities.
 In 1994, she got promoted to assistant general manager post, and then to deputy
manager in 1996. In 1996, she was made head of the newly formed Infrastructure
Industry Group of ICICI Bank which aimed to create industry expertise in areas of
power, telecom and transportation.
 In 1998, she was made the General Manager and the head of the ICICI Bank’s
major client group, which handled relationships with ICICI’s top 200 clients.
 In 1999, she found herself handling strategy and e-commerce divisions of ICICI
bank. Her proficient leadership helped the bank in building the retail business and
she focused more on important factors like technology, innovation, process
engineering and expansion of distribution and scale.
 By 2001, she had taken over as the executive director, and in 2006 she became the
deputy managing director of ICICI bank. From 2006-07, she was given the
responsibility of international and corporate businesses of the bank.
 From 2007 to 2009, she served as the bank’s chief financial officer (CFO) and joint
managing director.
 In 2009, Chanda Kochha
Chanda Kochhar
From Wikipedia, the free encyclopedia
Jump to navigationJump to search

Chanda Kochhar

Born Chanda Advani

17 November 1961 (age 57)

Jodhpur, Rajasthan, India

Alma mater University of Mumbai

Occupation Former MD & CEO, ICICI Bank

Spouse(s) Deepak Kochhar

Children 2
 r was appointed as managing director and chief executive officer of the bank. Her
role also includes heading the boards of most of bank’s subsidiaries.

Major Works
 In a society where very few women manage to reach the top rungs of the corporate
ladder, Chanda Kochhar has broken the glass ceiling. She is leading the ICICI Bank
since 2009 and under her leadership ICICI Bank won the "Best Retail Bank in India"
award in 2001, 2003, 2004 and 2005.

Recognition
Under Kochhar's leadership, ICICI Bank won the "Best Retail Bank in India" award in 2001, 2003,
2004 and 2005 and "Excellence in Retail Banking Award" in 2002; both awards were given by The
Asian Banker. Kochhar personally was awarded "Retail Banker of the Year 2004 (Asia-Pacific
region)" by the Asian Banker, "Business Woman of the Year 2005" by The Economic Times and
"Rising Star Award" for Global Awards 2006 by Retail Banker International. Kochhar has also
consistently figured in Fortune's list of "Most Powerful Women in Business" since 2005.[5] She
climbed up the list debuting with the 47th position in 2005, moving up 10 spots to 37 in 2006 and
then to 33 in 2007.[14][15] In the 2008 list, Kochhar features at the 25th spot.[16] In 2009, she debuted at
number 20 in the Forbes "World's 100 Most Powerful Women list". She is the second Indian in the
list behind the Indian National Congress party chief Sonia Gandhi at number 13.[17] In 2010, she fell
to number 92 in the Forbes list, but in 2011 bounced back to 43.[18][19] As of 2014, she ranks at
#43.[20] And in 2015 she climbed up to #35 again.[21] In 2017, she was ranked at # 32 and she ranked
the highest among the 5 Indian woman who made it on the list, which included #57 Roshni Nadar
Malhotra, #71 Kiran Mazumdar-Shaw, #92 Shobhana Bhartia and #97 Priyanka Chopra.[22]
Kochhar has also consistently figured in Fortune's list of "Most Powerful Women in Business" since
2005. In 2009, she debuted at number 20 in the Forbes "World's 100 Most Powerful Women
list",[23] and climbed to the 10th spot in 2010.[24] In 2011, she featured in Business Today's list of the
"Most Powerful Women – Hall of Fame".[25] In 2011, she also featured in the "50 Most Influential
People in Global Finance" List of Bloomberg Markets.[26] Chanda Kochhar was awarded with
ASSOCHAM Ladies League Mumbai Women of the Decade Achievers Award on 2 January 2014.[27]
In 2011, Kochhar was awarded the "ABLF Woman of Power Award (India)" at the Asian Business
Leadership Forum Awards.[28]
Kochhar was ranked as the most powerful businesswoman in India in Forbes' list of 'The World's 100
Most Powerful Women 2013'.[29] Kochhar was also featured in the Power List 2013 of 25 most
powerful women in India by India Today, for the third year in a row.[30]
Kochhar was selected in Time magazine's list of the 100 Most Influential People in the World
2015.[31] In 2015, she was ranked first in the Fortune List of 100 Most Powerful Women in Asia
Pacific.[32]
Kochhar ranked 40th on India Today’s ‘High and Mighty Power List 2016’ in 2016.[33] In the same
year, she was 22nd in the Forbes Asia’s ‘50 Power Businesswomen List 2016’.[34]She was also listed
in Forbes list of ‘The World's Most Powerful Women In Finance 2016’ at number 10.[35]
In 2017, Kochhar was featured in Business World magazine's ‘BW's Most Influential Women’ list as
an evergreen woman leader. In May of the same year, she received the Woodrow Wilson Award for
Global Corporate Citizenship from the Woodrow Wilson Centre located in Washington, US. She is
the first leader to receive an award in this category.[36] In the same year, Kochhar was ranked 5th in
Fortune’s list of ‘Most Powerful Women in business outside the U.S.’.[37]

Allegations
Kochhar allegedly favoured Videocon Group in lending practices.[38][39] ICICI Bank said it has decided
to institute an independent enquiry into the allegations. [40] On 29 March 2018, The Indian
Express first reported that Videocon group promoter Venugopal Dhoot provided crores of rupees
allegedly to NuPower Renewables Pvt Ltd (NRPL), a firm he had set up with Chanda Kochhar’s
husband Deepak Kochhar and two relatives six months after the Videocon group got Rs 3,250 crore
as loan from ICICI Bank in 2012. He allegedly transferred proprietorship of the company to a trust
owned by Deepak Kochhar for Rs 9 lakh, six months after he received the loan from ICICI Bank. The
Videocon account was declared an NPA(Non-performing Assets) or a bad loan in 2017 according to
the report. The Income Tax department is also probing the acquisition of the current family residence
of Chanda Kochhar, the CEO and MD of ICICI Bank, in South Mumbai by her husband Deepak
Kochhar in a complex transaction involving firms linked to Videocon Group, reported the Indian
Express. The Indian Express also reported similar transactions and favourable loans granted by
Kochhar allegedly to Essar group which was also later classified as NPAs. These were allegedly
brought to the attention of Prime Minister Narendra Modi's office repeatedly by investor Aravind
Gupta but action seems to have been allegedly initiated only after the media reported on it. Chandra
Kochhar subsequently quit ICICI bank following these allegations and is currently being
investigated.[41][42][43]
On 24 January 2019, Chanda, her husband Deepak, and industrialist Venugopal Dhoot were named
in a CBI FIR for cheating and defrauding ICICI Bank to the tune of Rs 1,730 crore. CBI detailed the
modus operandi and charged them with offences punishable under Section 120B (conspiracy) and
420 (cheating) of IPC, section 7 (taking gratification) and 13(2) (criminal misconduct) read with
13(1)(d) (pecuniary advantage) of the Prevention of Corruption Act.[44] Following CBI action, the
Enforcement Directorate lodged a case of money laundering against Chanda Kochhar in connection
with loans disbursed by bank to the Videocon Group which later turned into NPAs. [45]There are
several public complaints sent to Union Finance Minister suggesting to withdraw highest civilian
awards such as Padma Shri and Padma Bhushan awarded to Chanda by the Union Government of
India.

Personal life
Kochhar resides in Mumbai, and is married to Deepak Kochhar,[46][47] a wind energy entrepreneur and
her business schoolmate. They have two children, a daughter Aarti[48] and a son, Arjun.[5][17][47][49]
Forbes
Last May, Chanda Kochhar, CEO of ICICI Bank, became the first Indian woman to receive the
prestigious Woodrow Wilson Award for Global Citizenship, joining the ranks of Hillary Clinton
and Condoleezza Rice. Her ambitious community outreach program, ICICI Digital Village,
brought vocational training to over 11,000 villagers in 17 states in India and provided financial
tools to aspiring entrepreneurs. The program expects to reach 500 more villages by year's end.
Kochhar made history again in September when she took the bank's insurance business public,
the first IPO of a general insurer in India. All of this marks a significant improvement from last
year, when Kochhar passed on her annual bonus amid crumbling earnings. Now, with profits
improving, Kochhar received a 63% boost to her total compensation, making her one of the
highest paid private bank CEOs in India.
Reading success stories of greatest professionals stimulates motivational enzyme
within us and we all wish to emulate them on path of success.

Exactly with this aim we are presenting you series of success stories of Professionals
who have carved niche in their own way and have become icons of Management
Fraternity.

Following above you will read today motivational story of Chanda Kochhar:

Chanda Kochhar – a Living Inspiration to Today’s Women

Latest Update - Former ICICI CEO Chanda Kochhar has been named in CBI FIR
Today against alleged Videocon bank scam.
ICICI Bank on 4th October 2018, Thursday said that it has accepted Chanda Kochhar's
request for early retirement. The board decided to appoint Sandeep Bakhshi as
managing director and chief executive officer.

Besides the above point, Ms. Chanda Kochhar has had an illustrious bright career
which is as follows.
With a firm belief in her heart and living by her own belief that women in any
organization can grow just by their merit and not by special favours and privileges due
to their gender – Chanda Kochhar has listed herself as one of the 50 most powerful
women in business in the Fortune Global 2014 analysis. This Indian lady is world
renowned for her corporate leadership and bold decision making skills. She was
the Managing Director and the Chief Executive Officer of the ICICI Bank which is India’s
largest privatised financial institution. She is the leading example of today’s women and
her empowerment to make the world a better place to live in.

Being an important persona of the core ICICI team she helped the organisation
empower its wings and fly at distant skies. Her vision was far beyond the local level. It
was she had the courage to keep working hours of the bank be 12 hours whereas rest all
brands worked for 7 hours in a day. She is one of the few bankers who envisioned the
idea of2000 ATM machine installations throughout India promoting electronic banking
in a large scale. ICICI bank received the recognition to be the “Best Retail Bank in India”
for the years 2001, 2003, 2004 and 2005 under her lead.

Childhood – Chanda Kochhar, born on November 17 in the year 1961 in Rajasthan

completed her graduation from the Jai Hind College in Mumbai. She did cost
accountancy from ICWAI and learnt the various skills of management by pursuing a
Master’s degree at the Jamnalal Bajaj Institute of Management Studies. She was an
extremely enlightened student and earned recognition of the Wockhardt Gold Medal
for her excellence in Management studies. She also received at the J.N.Bose gold medal
award for her outstanding performance in Cost Accountancy.
Career – The direction of her life transformed when she joined the ICICI or The
Industrial Credit and Investment Corporation of India Limited as their trainee
management in the year 1984. There was no looking back since then. Year 1994 saw
Chanda become the Assistant General Manager while in the year 1996 she became the
Deputy General Manager. Under her leadership, the company saw a new dimension. In
the year 1999 she was further promoted as the General Manager and was honoured
with the responsibility of managing more than top 200 reputed clients of the company.
The company started its retail operations in the year 2000, under Chanda Kochhars
leadership and visionary ideologies. In the next few years the company became the
largest in the retail sector in the nation. The company honoured her by making her the
Deputy Managing Director who proficiently managed the entire corporation and the
banking sector of the retail. Year 2007 to 2009, saw her working hard and ambitiously
as the CFO or Chief Finance Officer, JMD or the Joint Managing Director and the official
representative and spokesperson for the brand.

In May 20009 Chanda Kochchar was given the recognition to be the Chief Operation
Officer and the Managing Director for five years by the ICICI bank.

An eternal optimist she does not shriek away from challenges. She believes that new
entrants cannot disrupt large banks and that competition provides the best value to
consumers. For her challenges are no more confined to achieving scale but of aligning
strategy of organization with changed environment.

A mother of two, Kochhar efficiently juggles her career with family. She never slacks in
her 24-hour schedule and utilises her breathing time to go through mails, telephonic
conferences or to catch up on sleep. Her appointment as the head honcho of ICICI is an
inspiration for all the women aspiring to make a mark in the corporate world.

Achievements –
 Retail Banker of the Year honour by the Asian Banker in the year 2004
 Business Woman of the Year recognition by the Economic Times in the year 2005
 Rising Star Award by the Retail Banker International in 2006
 She was featured in the list of “30 Most Powerful Woman Leaders” in business for
eight years continuously.
 Transformational Business Leader of the Year by the All India Management
Association in the year 2010
 Chanda Kochhar was ranked the 10th in position in the list by Fortune of “ Most
Powerful Women in Business” during 2010
 Achieved 92nd rank in Forbes list of “Most Powerful Woman” for 2010.
 The CNBC TV 18 awarded her in the year 2010 as the “Outstanding Woman
Business Leader of the Year”.
 Her name got the rank to be the 11th in the Financial Times list for the “Top 50
Woman in World Business
 She was awarded the Padma Vibhushan in the year 2011
A true inspiration for all men and women is Chanda Kochhar. She has achieved a
perfect balance in between work and home. An optimistic for eternity, she is always up
for the challenge and faces criticism fearlessly and with humility. Women in our country
for ages has been struggling to play so many roles in their lives – as mothers, as
homemakers, as business women, as innovators and as dreamers to build a nation’s
destiny. It is one and only one who can strike the balance of work and home can see the
fruits of success and peace in life.

Since at present Chanda Kochhar is under enquiry on alleged charges of nepotism

hence , true to her credentials & professional character , she has proceeded on leave till
the completion of enquiry, so that conflict of interest doesn't' happen.