Chanda Kochhar is a well-known Indian banker and former CEO of ICICI Bank. She is one of the most successful businesswomen in India and has been widely recognized for her contributions to the banking sector.
Early Life and Education
Chanda Kochhar was born in Jodhpur, Rajasthan, India, on November 17, 1961. She completed her schooling in Jaipur before moving to Mumbai to pursue higher education. She received her Bachelor’s degree in Arts from Jai Hind College, Mumbai, and later earned a Master’s degree in Management Studies from the Jamnalal Bajaj Institute of Management Studies, Mumbai.
Career at ICICI Bank
Chanda Kochhar started her career with ICICI Bank in 1984 as a management trainee. She quickly rose through the ranks and was appointed as the CEO of ICICI Bank in 2009, becoming the first woman to head a major Indian bank.
During her tenure as CEO, Chanda Kochhar played a key role in expanding the bank’s operations globally. She also led several initiatives to promote financial inclusion and empower women entrepreneurs in India. Under her leadership, ICICI Bank became one of the most profitable banks in India and was recognized for its innovation and customer service.
Controversy and Resignation:
In 2018, Chanda Kochhar was embroiled in a controversy over alleged conflicts of interest in a loan granted by ICICI Bank to the Videocon group. The allegations, which were first raised by an anonymous whistleblower, accused Chanda Kochhar of influencing the bank’s decision to grant the loan to Videocon while her husband had business dealings with the group.
An investigation by an independent panel found that Chanda Kochhar had violated the bank’s code of conduct and conflict of interest policies. She was subsequently forced to resign from her position as CEO and the bank revoked her bonuses and stock options.
Legacy:
Despite the controversy surrounding her resignation, Chanda Kochhar remains a highly respected figure in the banking industry. She has been recognized for her leadership and contribution to the growth of ICICI Bank. In 2011, she was named by Forbes magazine as the world’s 10th most powerful businesswoman, and she has received numerous awards for her contributions to the banking sector.
Chanda Kochhar’s legacy extends beyond her work in banking. She has been a role model for women in India who aspire to leadership positions in the corporate world. Her story serves as an inspiration to women who face discrimination and barriers in the workplace, and her success shows that with hard work and determination, it is possible to achieve great things in any field.