Sunday, April 28, 2019
Biography of Chanda Kochhar
Chanda Kochhar (born November 17, 1961) is a prominent Indian banker who served as the Managing Director and Chief Executive Officer of ICICI Bank, one of India's largest and most significant financial institutions. Here is an overview of her biography and career:
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| Biography of Chanda Kochhar |
Early Life and Education of Chanda Kochhar:
Chanda Kochhar was born and raised in Jodhpur, Rajasthan, India. She completed her Bachelor of Arts degree from Jai Hind College in Mumbai. Later, she earned a Master's degree in Management Studies from the Jamnalal Bajaj Institute of Management Studies, also in Mumbai.
Career at ICICI:
Chanda Kochhar began her career with ICICI (Industrial Credit and Investment Corporation of India) in 1984 as a Management Trainee. Over the years, she climbed the ranks within the organization, holding various positions in ICICI, which later became ICICI Bank. Her expertise in the banking and finance sector led her to become one of the most influential figures in the Indian banking industry.
Chanda Kochhar leadership at ICICI Bank:
Kochhar played a crucial role in the transformation and growth of ICICI Bank. She was appointed as the Deputy Managing Director of the bank in 2001 and later became the Managing Director and Chief Executive Officer in 2009. Under her leadership, ICICI Bank expanded its operations both within India and internationally.
During her tenure, ICICI Bank witnessed significant technological advancements, increased digital banking services, and expanded its footprint globally. Kochhar's strategic vision contributed to the bank's success and its position as a leading financial institution in India.
Chanda Kochhar's Daughter works in Aarti Reliance
Chanda Kochhar's daughter, Aarti Kochhar works in RIL. She has achieved an engineering degree from the US. Recently, she got engaged to Aditya Kaji in Mumbai. Significantly, Aditya's family is close to the industrialist Ambani family. Aditya is the chief officer of Mukesh Ambani's chairman staff.
Chanda Kochhar's Son Arjun: Sports craze
Chanda's son Arjun has an intense love for sports. They take part in many school sports events. Chanda says that despite being busy in work, she goes to see Arjun's sports events.
Chanda Kochhar's Career Over view
- Chanda started her career in 1984 as a management trainee at ICICI Bank. In 1993 one of the core teams was assigned the responsibility. After this, she did not look back. In 1994, she was appointed Assistant General Manager. Two years later she became deputy manager. In view of her performance, the bank management continued to promote him. From 2007 to 2009 she held the position of Chief Financial Officer (CFO) and Joint Managing Director of the bank. She was then appointed as CEO and Managing Director.
- In March last year, the newspaper Indian Express claimed that ICICI Bank gave loans of Rs 3250 crore to five companies of Videocon Group in April 2012. The group did not repay 86% of the loan, ie Rs 2810 crore. The loan was then declared NPA (Non Performing Assets) in 2017. Later another company formed with the help of Videocon was renamed to the Pinnacle Energy Trust led by Chanda's husband Deepak Kochhar. These shares with 94.99% holding were transferred for just Rs 9 lakh.
- Chanda was included in the committee sanctioning loans to Videocon Group. She is accused of adopting a partisan attitude. The allegations against him are under investigation. It is also alleged that Videocon Group MD Venugopal Dhoot had invested money in Deepak Kochhar's company NewPower Renewables.
- The Government of India honored him with the Padma Bhushan in 2011 for her contribution to the banking sector. In 2015, Forbes magazine included her in the list of most influential Indian women.
- Chanda is the first Indian to reach this position in the banking sector. Under her leadership, ICICI Bank won the Best Retail Bank in India Award in 2001, 2003, 2004 and 2005.
Chanda Kochhar awards and Recognition:
Chanda Kochhar received several awards and honors for her contributions to the banking sector, including being named among Fortune's World's Most Powerful Women in Business and Forbes' 100 Most Powerful Women. She was also honored with the Padma Bhushan, one of India's highest civilian awards, for her exceptional service in the banking and financial industry.
Controversy and Resignation to Chanda Kochhar:
In 2018, Kochhar became embroiled in a controversy related to alleged conflicts of interest and impropriety in granting loans to certain corporate entities. Following an investigation, she resigned from her position as the CEO and Managing Director of ICICI Bank in October 2018.