ICICI CEO to get Rs 7 lakh per month as allowance

ICICI Bank, the country's largest private sector lender, has revised allowances paid to its executive directors, including that of its managing director and CEO Chanda Kochhar.

The board of the bank has decided to pay Rs 7 lakh (Rs 700,000) per month as allowance to managing director and CEO Chanda Kochhar from April 1, 2011, ICICI Bank said in a filing on the Bombay Stock Exchange.

The present cash allowance, consisting of leave travel allowance, house rent allowance and medical reimbursement, has been clubbed into supplementary allowance, it said.

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Besides, executive director and chief finance officer N S Kannan and other executive director K Ramkumar would get Rs 4.8 lakh (Rs 480,000) per month as supplementary allowance.

At the same time, Rajiv Sabharwal another executive director would get Rs 4.65 lakh (Rs 465,000) per month as allowance.

The existing allowance of these directors is not in public domain as the bank has not published annual report for 2010-11.

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However, as per the 2009-10 annual report, Chanda Kochhar was entitled to allowances and perquisites of about Rs 4.49 lakh (Rs 449,000) per month, while N S Kannan and K Ramkumar were paid Rs 2.92 lakh (Rs 292,000) and Rs 3.95 lakh (Rs 395,000), respectively.

At the time of Kochhar's appointment, the board had said that she would be appointed as its CEO and MD from May 1, 2009 till March 31, 2014, with a salary in the range of Rs 7-13.5 lakh (Rs 700,000-1.35 million) per month.

During 2009-10, Kochhar's basic salary was Rs 94.5 lakh (Rs 9.45 million).