Head of the country’s largest private bank ICICI, Chanda Kochhar, drew a total salary of Rs 7.85 crore for the financial year 2016-2017. This is a 64 per cent increase from the previous year. According to the annual report of the bank, ICICI Bank MD and CEO Chanda Kochhar saw a 15 per cent jump in her basic salary, from Rs 2.32 crore to Rs 2.67 crore at the end of the fiscal year this March. Her cost to the company was Rs 2.18 lakh per day.
Other addition to her remuneration was the performance bonus of Rs 2.2 crore, a bonus that she did not receive the previous year as the company was going through a weak financial status. The monthly basic salary for Kochhar will be within the range of Rs 1,350,000-Rs 2,600,000, said the annual report 2016-17. In 2015-16, Kochhar received Rs 4.79 crore. She also received other perquisites and retirement benefits.
Furnished accommodation, gas, electricity, water and furnishing, club fees, group insurance, use of car and telephone at residence, reimbursement and leave travel concession, provident funds are among the major perquisites that she received.
In her message, Kochhar said ICICI Bank is focused on capitalising on growth opportunities. At the same time, the bank is taking steps to address challenges in the environment.
“Our large size, capital base, robust funding profile, extensive distribution network, diversified portfolio, presence across the financial services sector and leadership in technology, position us very well to leverage the growth opportunities across the economy,” Kochhar said. Shares of the company traded at 0.79 per cent up at Rs 320.10 on BSE.
(with inputs from PTI)