Kochhar: Cash factor

Mumbai, Jan. 6: Chanda Kochhar, who will take over as the chief executive officer and managing director of ICICI Bank from May 1, is set to get Rs 36 lakh more annually. Her predecessor K.V. Kamath will get a salary of Rs 20 lakh a year after he becomes non-executive chairman from May.

Kochhar will earn up to Rs 13.5 lakh per month, up from Rs 10.5 lakh per month that she gets now as joint managing director and chief financial officer.

Besides the salary, Kamath and Kochhar are entitled to many benefits.

Kochhar will be entitled to bonus payments and a house rent allowance of Rs 1 lakh if she is not provided company-accommodation.

Kamath will be paid sitting fees, while ICICI Bank will reimburse all expenses, including travel and accommodation, when he is on tour. He will be able to maintain a chairman’s office at the bank's expense.

Kamath drew a similar salary as the one proposed for Kochhar in the last fiscal.