Big Pay Rise For Indian Private Bank CEOs

Bangalore: According to the entrepreneurs and analysts the privet banks were more profitable than their state run rivals, instead of the ambiguity in the macro-economic environment. So there were three private banks that rewarded their Chief Executives with higher remuneration in 2011-2012. This remuneration included basic pay, performance bonus, allowances and perquisites and also retirement benefits such as provident fund, gratuity and superannuation fund.

Chanda Kochhar, ICICI Bank

Chanda Kochhar is the CEO and Managing Director of ICICI Bank which is India’s largets private bank. She also heads the Corporate Centre of ICICI Bank, she joined the Industrial Credit and investment Corporation of india Limited in 1984, as a management trainee after her masters. She was appointed as Deputy Managing Director in 2006. She succeeded after K.V. Kamath in 2009 as the CEO and Managing Director. Kochhar has been honored with Padma Bhushan in 2010 for her services to banking sector and also received Asian Business Leadership Award for Woman of Power in 2011. Other than these she has received many more accolades and honors.

Her remuneration was increased by 33.2 percent and she received 4.25 crore in 2011-12. When she took over ICICI Bank the lender’s net profit growth was only five percent. After becoming the CEO she decided to cut the unsecured loan book restricted further rise in bad loans and improved the lender’s financial performance. In 2011-12 its consolidated profit after tax grew up to 25 percent. Kochhar’s performance bonus was increased by 56.6 percent to 1.3 crore.