ICICI Bank CEO Chanda Kochhar's pay hiked 64% to ?7.85 crore
ICICI Bank CEO Chanda Kochhar has drawn ?7.85 crore as total remuneration in 2016-17, a jump of nearly 64% from a year ago. The hike was primarily driven by performance bonus, which Kochhar had forgone a year ago owing to the bank's weak financial results. In 2015-16, Kochhar was the third-highest paid bank chief with a pay of ?4.79 crore.
Chanda Kochhar, the head of country's largest private sector lender ICICI Bank, has drawn Rs 7.85 crore as total remuneration in 2016-17, a jump of over nearly 64 per cent from a year ago. ICICI Bank MD & CEO Chanda Kochhar's basic salary increased over 15 per cent to Rs 2.67 crore during the fiscal ended March 2017, as per banks annual report. Calculated on daily basis, her cost to the company was Rs 2.18 lakh. During the year, she took home performance bonus of Rs 2.2 crore. However, the bank had not not given performance incentive in 2015-16 due to weak financial status. Her total cost to the company was over Rs 4.79 crore in 2015-16 and basic salary was Rs 2.32 crore. The total remuneration included perquisites as well as retrial benefits. Furnished accommodation, gas, electricity, water and furnishing, club fees, group insurance, use of car and telephone at resident, reimbursement and leave travel concession, provident funds are among the major heads of perquisites. 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. 