ICICI rejigs directors allowances, Kochhar to get Rs 7 lakh/month

Country's largest private sector lender ICICI Bank has revised allowances paid to its executive directors, including that of its Managing Director Chanda Kochhar.

The board of the bank has decided to pay Rs 7 lakh 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.

Besides, Executive Director and Chief Finance Officer NS Kannan and other Executive Director K Ramkumar would get Rs 4.8 lakh per month as supplementary allowance. At the same time, Rajiv Sabharwal another Executive Director would get Rs 4.65 lakh per month.

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

However, as per the 2009-10 annual report, Chanda Kochhar was entitled to allowances and perquisites of about Rs 4.49 lakh per month, while NS Kannan and K Ramkumar were paid Rs 2.92 lakh and Rs 3.95 lakh, 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 per month.

During 2009-10, Kochhar's basic salary was Rs 94.5 lakh.