Chanda Kochhar ( Advani, born 17 November 1961) is an Indian businesswoman who was the former managing director (MD), and chief executive officer (CEO) of ICICI Bank. Due to a case of conflict of interest, she resigned from her position in 2018. Subsequently, she was fired by ICICI Bank, a decision which was later upheld by the Supreme Court of India.
Kochhar is facing allegations of money laundering charges in India. She has been arrested by Central Bureau of Investigation in December 2022, in a case linked to alleged loan fraud charges. In 2019, the case has been filed for giving high-value loans to Videocon with conspiracy during 2009.
Early life and education
Kochhar was born in Jodhpur, Rajasthan in a Hindu Sindhi family. She was educated at St. Angela Sophia School, Jaipur. She moved to Mumbai, where she joined Jai Hind College and earned a bachelor of commerce degree from the University of Mumbai. After graduating in 1982, she studied cost accountancy at the Institute of Cost Accountants of India, and obtained a master of management studies degree at the University of Mumbai from Jamnalal Bajaj Institute of Management Studies. She received the Wockhardt Gold Medal for Excellence in Management Studies as well as the J. N. Bose Gold Medal in Cost Accountancy.
Career
1984–1993
In 1984, Kochhar joined the Industrial Credit and Investment Corporation of India (ICICI) as a management trainee. During her early year at ICICI, she handled project appraisal and monitoring and evaluated projects in industries such as textile, paper and cement.
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 (AGM) in 1994 and then to deputy general manager (DGM) 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 (GM) 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.
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.
2009 to 2018
In 2009 Kochhar was appointed as managing director and chief executive officer of the bank and was responsible for the bank's diverse operations in India and overseas. She also chaired 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. 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 IIIT 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, 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.