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Chanda Kochhar Drew ₹7.85 Cr Salary Before Fall from Grace at ICICI

Newsmantra — Thu, 24 Jul 2025 09:50:27 +0000

MUMBAI : Ms Chanda Kochhar, once celebrated as a trailblazer in Indian banking, commanded an annual salary of ₹7.85 crore in FY 2016–17 during her tenure as CEO and MD of ICICI Bank. Her compensation included a basic salary of ₹2.67 crore, a performance bonus of ₹2.2 crore, and various allowances and perquisites totaling ₹2.98 crore—making her one of the highest-paid banking executives in the country, with a daily cost to company of about ₹2.18 lakh.

Despite her celebrated status and a career marked by numerous accolades, Kochhar’s exit from ICICI came under a cloud, following serious allegations of conflict of interest and quid pro quo arrangements. Her fall from corporate grace stands in stark contrast to her once-stellar legacy, serving as a cautionary tale within the world of business leadership.

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Yes Bank To Resume banking

Newsmantra — Mon, 16 Mar 2020 11:17:00 +0000

Yes Bank said on Monday that it will resume full banking services from 6:00 pm on Wednesday. In a Twitter post, the private sector lender said: “Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hours to experience our suite of services.” The development comes as a group of lenders led by the country’s largest bank, State Bank of India (SBI), committed to pick stake in Yes Bank as part of a government-backed rescue plan for the troubled private sector lender.

“You will also be able to access all our digital services & platforms,” Yes Bank said on Monday.

Yes Bank customers had been facing a tough time in accessing internet banking, using payment via UPI and withdrawing from ATMs after the RBI’s sudden announcement to curb withdrawals led to a scramble to withdraw money.

Earlier this month, the RBI placed Yes Bank under a moratorium till April 3 following deterioration in the bank’s financial position, and took control of its board. The central bank restricted withdrawals from Yes Bank accounts at Rs 50,000 with few exceptions.

On Friday, the Union Cabinet approved a reconstruction scheme for Yes Bank, as proposed by the RBI.

As part of the RBI-backed rescue plan for the troubled private sector lender, SBI will pick up to 49 per cent in Yes Bank. Yes Bank’s authorised share capital will be revised upwards from Rs 1,100 crore to Rs 6,200 crore.

Besides SBI, several banks and financial institutions including ICICI Bank, Axis Bank and HDFC have committed to pick stakes in Yes Bank.

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Bajaj Finance among top 10 on BSE

Newsmantra — Mon, 17 Feb 2020 05:52:12 +0000

Bajaj Finance Ltd on Monday replaced State Bank of India to become India’s tenth most-valued firm by market capitalisation on the BSE.

According to the BSE, Bajaj Finance’s market capitalization stood at ₹2.87 trillion, with its shares trading at ₹4,773.85 on the BSE. The finance company’s shares have risen nearly 12% so far this year.

State Bank of India has a market cap of ₹2.81 trillion. Currently, Reliance Industries Ltd is the country’s most valued company with a market cap of ₹9.48 trillion, followed by Tata Consultancy Services Ltd ( ₹8.26 trillion) and HDFC Bank Ltd ( ₹6.73 trillion).

Hindustan Unilever Ltd is number four ( ₹4.95 trillion), followed by HDFC Ltd ( ₹4.12 trillion),Infosys Ltd( ₹3.36 trillion), ICICI Bank Ltd ( ₹3.50 trillion), Kotak Mahindra Bank Ltd ( ₹3.23 trillion), and Bharti Airtel Ltd ( ₹3.07 trillion).

Despite the slowdown in consumer spending, Bajaj Finance has reported strong earnings consistently and analysts said this is a clear indication of the company’s resilient business model.

Analysts gave a thumbs-up to the finance company’s portfolio granularity strategy across products and geographic locations and its capacity to absorb higher provisions. They believe the firm will continue on its high double-digit growth trajectory.

“Overall, we remain optimistic about BFL’s growth prospects on both topline and earnings front supported by a wide and strong customer franchise (40.38 mn customer base; 65-70% of new loans generated from existing customers), unique market positioning in India with an expanding retail franchise and distribution reach, a well capitalized balance sheet, and sound ROE profile (>20%)” said KR Choksey in a report.

SBI stock has fallen nearly 4% in the last two sessions on concerns over its asset quality after the Supreme Court rejected Vodafone Idea and Bharti Airtel’s plea seeking to negotiate payment schedule in AGR case. SBI has around ₹11,200 crore exposure to Vodafone Idea. So far this year, the stock has declined nearly 5.3%.

Investor sentiment was also hit after recent December quarter earnings of SBI showed a sharp rise in slippages. The lender reported slippages of ₹16,525 crore versus ₹8,800 crore in the second quarter led by non-performing asset recognition of housing finance account. Corporate slippage came in higher at ₹9,467 crore against ₹3,239 crore quarter on quarter.

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Bank Employees on a two-day Bank Strike

Newsmantra — Fri, 31 Jan 2020 06:46:30 +0000

Thousands of bank employees sat on a two-day bank strike from today. Bank union leaders said about 31 lakh cheques worth ₹23,000 crore could not be cleared due to the strike. Several PSU bank branches and even ATMs could remain shut for three days in many parts of India as the bank strike comes before Sunday.

The timing of this bank strike is symbolic as it coincides with the release of the Economic Survey in the Parliament today and the presentation of the Union Budget tomorrow.

While work at private sector banks like ICICI Bank and HDFC Bank would not be affected due to the strike, services at PSU banks were hit. The State Bank of India (SBI) had already warned that its services could be impacted to some extent. Around 10 lakh bank employees were expected to join the two-day protest.

Tamil Nadu, Maharashtra, Andhra Pradesh and Telangana, West Bengal, UP, MP, Delhi, Punjab, Gujarat, Karnataka, Kerala, Bihar, etc. banking transactions have been greatly affected

Bank unions vs bank management

Bank employees under the umbrella of United Forum of Bank Unions (UFBU) and representatives of bank management (Indian Bank’s Association or IBA) had a last minute meeting yesterday on wage settlement issues, pending since November 2017. IBA said it has increased the pay hike offer of 12.25% to 19% including performance linked incentive. The bank unions have refused to budge from their demands of a 20% pay hike on pay slip components with adequate loading thereof.

Bank unions are also demanding 5-day work week, merger of special allowance with basic pay, scrapping of new pension scheme, etc. IBA made it clear that the proposal of a 5-day banking is not possible. “It is known to all that the economy of the country is going through testing times. Banks being the principal players in economic development, cannot afford to provide lesser number of working days for banking activities,” IBA said in a statement.

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Sensex Up Hits 40k Mark

Newsmantra — Mon, 04 Nov 2019 10:07:36 +0000

Market benchmark BSE Sensex rallied over 269 points to hit its intra-day peak of 40,434.83 in early trade on Monday led by gains in ICICI Bank, RIL, ITC, TCS and HDFC Bank amid positive global cues and unabated foreign fund inflow.

Similarly, the broader NSE Nifty advanced 75.85 points to 11,966.45, inching closed to the 12,000 mark.

Top gainers in the Sensex pack included Vedanta, Tata Steel, ICICI Bank, Tata Motors, SBI, HCL Tech, Sun Pharma and Bharti Airtel, rising up to 3.20 per cent.

On the other hand, Yes Bank, Infosys, Hero MotoCorp, Bajaj Auto and HUL fell up to 4.80 per cent.

In the previous session, the 30-share Sensex settled 35.98 points, or 0.09 per cent, higher at 40,165.03. The Nifty advanced 13.15 points, or 0.11 per cent, to close at 11,890.60.

Foreign institutional investors (FIIs) purchased a Rs 533.37 crore in the capital market, on Friday, while domestic institutional investors sold shares worth Rs 136.50 crore, data available with stock exchange showed.

According to experts, better liquidity from FIIs and mutual funds will maintain a positive sentiment in the market given de-escalation in geopolitical risks and focus on upcoming reforms to revive growth.

Globally, bourses in Shanghai, Hong Kong and Seoul were trading higher on optimism over the US-China trade deal after China’s commerce ministry on Saturday announced that top Chinese and US trade negotiators “reached consensus on principles”.

Indices in Tokyo, however, were in the red.

Shares on Wall Street too ended higher after data showing the US economy continued to add jobs at a steady clip despite turbulence from the trade war with China.

On the currency front, the rupee appreciated 16 paise against the US dollar to trade at 70.65 in early session.

Brent futures, the global oil benchmark, fell 0.53 per cent to USD 61.36 per barrel.

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