Chanda Kochhar – Rise and Fall of ICICI Bank`s Former CEO
Early Life and Education
Chanda Kochhar (née Advani) was born on 17 November 1961 in Jodhpur, Rajasthan. She grew up in a Sindhi Hindu family and pursued her education in Mumbai. After completing her bachelor’s degree in commerce from Jai Hind College, she went on to earn a Master’s in Management Studies from the Jamnalal Bajaj Institute of Management Studies (JBIMS), where she was awarded the Wockhardt Gold Medal for excellence in management.
Career at ICICI Bank
Kochhar joined ICICI Limited in 1984 as a management trainee. Over the years, she rose through the ranks, playing a pivotal role in shaping the bank’s retail business. Some of her key contributions include:
Spearheading the retail banking division, making ICICI one of India’s largest consumer lenders.
Leading the bank through the 2008 global financial crisis, where her leadership was widely praised.
Becoming the first woman to head a major Indian bank when she was appointed MD & CEO of ICICI Bank in 2009.
Her tenure was marked by aggressive expansion, technological adoption, and positioning ICICI as a global player.
Recognition and Achievements
During her peak, Kochhar was celebrated as one of the most powerful women in business:
Featured in Forbes’ list of “World’s 100 Most Powerful Women” multiple times.
Awarded the Padma Bhushan (2011), India’s third-highest civilian honor, for her contributions to banking.
Recognized globally for breaking barriers for women in corporate leadership.
Controversies and Downfall
Kochhar’s illustrious career took a dramatic turn when allegations of conflict of interest and loan irregularities surfaced:
In 2018, she faced scrutiny over loans sanctioned to the Videocon Group, which allegedly benefited companies linked to her husband, Deepak Kochhar.
Investigations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) pointed to quid pro quo arrangements involving loans worth over ?3,000 crore.
She resigned in October 2018, and ICICI Bank later terminated her employment, revoking her retirement benefits.
In December 2022, she was arrested along with her husband in connection with the Videocon loan fraud case.
Legacy and Lessons
Chanda Kochhar’s story is one of contrasts—from being a trailblazer for women in finance to facing allegations that tarnished her reputation. Her journey highlights:
The importance of ethical leadership in corporate governance.
How conflict of interest can undermine even the most celebrated careers.
The need for transparency and accountability in India’s banking sector.
Conclusion
Chanda Kochhar remains a significant figure in India’s corporate history. While her achievements in transforming ICICI Bank are undeniable, her fall from grace serves as a cautionary tale about the fragility of reputation in the face of ethical lapses.
