Chanda Kochhar

Chanda Kochhar
Chanda Kochhar
Born	November 17, 1961 (age 64); Jodhpur, Rajasthan, India
Occupation	Banking professional
Years active	1984–2018
Known for	Managing director and CEO of ICICI Bank (2009–2018)

Chanda Kochhar (née Advani, born 17 November 1961) is an Indian banking professional who held the positions of managing director (MD) and chief executive officer (CEO) at ICICI Bank from 2009 until 2018. She resigned amid allegations of conflict of interest, after which ICICI Bank terminated her employment—a decision that was later upheld by the Supreme Court of India.

Kochhar has been implicated in accusations involving money laundering and was taken into custody by the Central Bureau of Investigation in December 2022 concerning an alleged loan fraud case. The investigation centers around substantial loans extended to the Videocon Group in 2009, connected to the ICICI-Videocon loan scam.

Early life and education

Born in Jodhpur, Rajasthan, Chanda Kochhar comes from a Hindu Sindhi background. She completed her schooling at St. Angela Sophia School in Jaipur before relocating to Mumbai, where she earned a Bachelor of Commerce degree from University of Mumbai through Jai Hind College.

After graduating in 1982, she pursued professional qualifications in cost accountancy at the Institute of Cost Accountants of India. Additionally, she obtained a Master of Management Studies from the University of Mumbai's Jamnalal Bajaj Institute of Management Studies. Her academic excellence was recognized with the Wockhardt Gold Medal for outstanding management studies and the J. N. Bose Gold Medal in Cost Accountancy.

1984–1993

Kochhar began her career at the ICICI in 1984 as a management trainee. During this initial phase, she specialized in project appraisal and monitoring across sectors including textiles, paper manufacturing, and cement production.

1993–2009

In the 1990s, Kochhar was instrumental in the formation of ICICI Bank. She joined the founding team in 1993, progressing to assistant general manager by 1994 and deputy general manager by 1996.

By 1996, she headed ICICI Bank’s Infrastructure Industry Group, gaining deep knowledge in industries such as power generation, telecommunications, and transportation. Elevated to General Manager in 1998, she was responsible for managing relationships with ICICI’s top 200 corporate clients and took charge of strategy and e-commerce divisions by 1999.

Around the year 2000, under her stewardship, ICICI Bank initiated its retail banking operations with a focus on technology adoption, innovation, process optimization, and expanding distribution networks. She was promoted to executive director in April 2001.

In 2006, Kochhar assumed the role of deputy managing director, overseeing international operations as well as corporate banking activities. Between 2007 and 2009, she served as chief financial officer (CFO) while also acting as joint managing director.

2009 to 2018

Chanda Kochhar was elevated to managing director and CEO of ICICI Bank in 2009, directing both domestic and international business functions. She additionally chaired boards of leading private sector insurance subsidiaries within India.

Her involvement extended to prominent business forums such as the India–Russia Business Leaders Forum and the US-India CEO Forum. From 2015 to 2016, she presided over the International Monetary Conference, which gathers CEOs from leading global financial organizations. Kochhar also held positions as deputy chairman of the Indian Banks Association and served on boards including the National Institute of Securities Markets and Institute of International Finance. Moreover, she contributed to government advisory panels focusing on trade policies, industrial growth, and infrastructure financing. In 2011, she co-chaired the World Economic Forum’s Annual Meeting.

Her contributions were recognized through an honorary doctorate awarded by Carleton University in 2014 for her innovative work in finance and adept crisis management. In addition, she received the Padma Bhushan—one of India’s most prestigious civilian awards—in 2011.

In 2016, following concerns raised by shareholders regarding a possible conflict of interest linked to a loan given to Videocon Group, ICICI Bank’s board conducted a review of its lending procedures and cleared Kochhar of wrongdoing at that time. Nevertheless, after a whistleblower complaint surfaced in October 2018, she resigned from her CEO position. An internal investigation concluded that she breached the bank’s code concerning conflicts of interest and disclosure norms, which resulted in her dismissal. Kochhar contested this ruling unsuccessfully before India’s Supreme Court.

Recognition

During Chanda Kochhar's tenure, ICICI Bank was honored with the "Best Retail Bank in India" award in 2001, 2003, 2004, and 2005, along with the "Excellence in Retail Banking Award" in 2002, both presented by The Asian Banker. Kochhar herself earned numerous distinctions, such as the "Retail Banker of the Year 2004 (Asia-Pacific)" from The Asian Banker, "Business Woman of the Year 2005" awarded by The Economic Times, and the "Rising Star Award" at the Global Awards 2006 hosted by Retail Banker International. Since 2005, she has been a regular on Fortune's list of "Most Powerful Women in Business", climbing from 47th place in 2005 to 25th by 2008.

In 2009, Kochhar appeared for the first time at number 20 on Forbes' "World's 100 Most Powerful Women" list, making her the second highest-ranked Indian after Sonia Gandhi. Her rankings varied over the following years—dropping to 92nd in 2010 but rising back to 43rd in 2011—and she maintained a position within the top 50 through to 2017, reaching a peak rank of #32 and holding the top spot among Indian women.

Kochhar also featured prominently in other influential lists: she was ranked #10 on Forbes' powerful women in finance list (2016), topped Fortune’s List of 100 Most Powerful Women in Asia Pacific (2015), and secured the 22nd position on Forbes Asia's '50 Power Businesswomen' (2016). Additionally, she was named among Bloomberg Markets' "50 Most Influential People in Global Finance" (2011) and included in Business Today's "Most Powerful Women – Hall of Fame" (2011).

Her accolades include receiving the Padma Bhushan in 2011, the Woman of Power Award from the Asian Business Leadership Forum (2011), and being the inaugural recipient of the Woodrow Wilson Award for Global Corporate Citizenship (2017). In business media circles, Kochhar was repeatedly recognized on India Today’s Power List and featured on Business World's 'Most Influential Women' list in 2017. That year, Fortune placed her fifth among 'Most Powerful Women in Business outside the U.S.'.

Lending controversies

Chanda Kochhar faced allegations of preferential lending to Videocon Group, allegedly influenced by her husband Deepak Kochhar and associate Sunil Bhuta. In response, ICICI Bank launched an independent investigation into these claims. Reports from 2018 revealed that Videocon promoter Venugopal Dhoot invested substantial sums into NuPower Renewables Pvt Ltd—a company co-founded with Deepak Kochhar just six months after Videocon secured a ₹3,250 crore loan from ICICI Bank in 2012.

Shortly after this loan disbursement, Dhoot transferred ownership of NuPower Renewables to a trust controlled by Deepak Kochhar for ₹9 lakh. The loan account associated with Videocon was classified as a Non-performing Asset (NPA) in 2017. Meanwhile, the Income Tax department examined complex financial dealings involving properties linked to Chanda Kochhar’s husband's residence in South Mumbai and companies connected to Videocon.

Comparable accusations arose regarding loans extended to the Essar Group, which also became NPAs. Amidst these controversies, Chanda Kochhar stepped down from her position at ICICI Bank and became subject to official investigations.

On 24 January 2019, a CBI FIR named Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot for allegedly defrauding ICICI Bank of ₹1,730 crore. Charges include conspiracy, cheating, criminal misconduct under applicable IPC sections, and offenses under the Prevention of Corruption Act.

Following this, the Enforcement Directorate (ED) initiated a money laundering probe concerning loans granted to Videocon that later turned into NPAs. Public petitions called for revocation of civilian honors previously awarded to her. In January 2020, ED attached assets valued at ₹78 crore linked to Chanda Kochhar’s family. She was granted bail in February 2020 and remained out of custody through December 2022.

In August 2021, ED filed draft charges against Kochhar and others before a special PMLA court. The Securities Appellate Tribunal (SAT) provided her interim relief from SEBI’s order demanding document submission in June 2022.

On 23 December 2022, CBI arrested Chanda Kochhar and her husband concerning alleged loan fraud. By March 2023, they faced formal corruption charges related to the ₹3,250 crore Videocon loan scam. According to CBI findings, Chanda approved loans to Videocon entities despite their non-eligibility and received illicit payments totaling ₹64 crore routed by Dhoot to Deepak Kochhar’s company. The investigation also highlighted undervalued transfers of property to her family trust.

In September 2023, bail was granted to Kochhar and her husband. In early 2024, the Supreme Court requested their response regarding CBI’s petition challenging an earlier arrest order. Subsequently that year, Bombay High Court directed the Serious Fraud Investigation Office (SFIO) to refrain from coercive actions against them and stipulated that any questioning must occur during regular working hours due to their senior citizen status.

Personal life

Residing in Mumbai, Kochhar is married to Deepak Kochhar, an entrepreneur in the wind energy sector and her fellow alumnus from business school. The couple has two children, comprising a son and a daughter.

External links

Official profile