New Delhi: ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect.
On accepting Kochhar’s request of early retirement, the bank said, “The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry.”
In line with Kochhar’s resignation, the board has chosen to appoint Sandeep Bakhshi as the bank’s MD and CEO, who is expected to hold the position for a period of five years until October 3, 2023, subject to various approvals.
Following Kochhar’s resignation, Shares of ICICI Bank surged nearly 6 per cent – with stock soaring 5.69 per cent to Rs 320.90 on BSE. On NSE, shares of the company jumped 5.77 per cent to Rs 321.25. The stock was the top gainer among the blue chips on both the key indices during the afternoon trade.
Who is Chanda Kochhar?
- Born in Jodhpur, Rajasthan in 1961, Kochhar completed his Bachelor’s Degree in Arts from Mumbai’s Jai Hind CollegeAfter graduating in 1982, she studied cost accountancy from Institute of Cost Accountants of India.
- Kochhar did Masters in Management Studies from the Jamnalal Bajaj Institute of Management Studies, Mumbai. She received Wockhardt Gold Medal for Excellence in Management Studies on topping her batch. She also received the JN Bose Gold Medal for highest marks in Cost Accountancy in the same year.
- Upon joining as the management trainee at erstwhile ICICI Limited in 1984, she handled basic core function – including Project Appraisal and Monitoring – at the Institution. Her projects were from various industries like Petrochemicals, Textile, Paper and Cement.
- In 1993, when the company decided to venture into the commercial banking sector, Kochhar was deputed with ICICI Bank. She was promoted to Assistant General Manager in 1994 and then Deputy General Manager in 1996.
- After ICICI created a Major Client Group in 1998, to handle its top 200 clientele, Kochhar was promoted as the General Manager and was made the head of the Major Clients Group. Subsequently, in 1999, she simultaneously started handling the Strategy and e-commerce divisions of ICICI.
- In July 2000, under the leadership of Kochhar, ICICI Bank entered the retail business and within a short span of around 5 years, the Bank emerged as one of the largest retail financers in India. In April 2001, she took over as Executive Director, heading the retail business in ICICI Bank.
- In April 2006, she was appointed as Deputy Managing Director of ICICI Bank, with responsibility for both Corporate and Retail banking business of ICICI Bank and from October 2006 to October 2007, she was handling the International and Corporate businesses of ICICI Bank. She was elevated as the Managing Director & CEO of ICICI Bank in 2009.
- Kochhar is currently member of various boards which include Indian Banks Association, IIIT Vadodara, National Institute of Securities Markets and Institute of International Finance. She is also a member of the Prime Minister’s Council on Trade & Industry, the Board of Trade and High-Level Committee on Financing Infrastructure.
- Kochhar, though currently in the news for the wrong reasons, has won many prestigious awards in her illustrious career which include Padma Bhushan. She has also been ranked as most powerful women and professional by multiple publications which include Forbes, Fortune, CNBC TV18, etc.
Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group Chairman Venugopal Dhoot are caught up in a controversy over ICICI Bank allegedly granting loans worth Rs 32.5 billion (Rs 3,250 crore) to Videocon. Out of this, Rs 28.1 billion (Rs 2,810) were unpaid and declared non-performing asset (NPA) in 2017.
The ICICI bank loan amount was part of Rs 400 billion (Rs 40,000 crore) loans that Videocon group secured from a consortium of 20 banks led by the State Bank of India.