HT Image
HT Image

Kochhar’s salary set to rise after promotion

ICICI Bank’s Chanda Kochhar could get a handsome hike in remuneration as she takes charge as the managing director & CEO of the country’s second-largest lender from May 1, 2009. HT Correspondent reports.
By HT Correspondent, Mumbai
UPDATED ON JAN 20, 2009 09:58 PM IST

ICICI Bank’s Chanda Kochhar could get a handsome hike in remuneration as she takes charge as the managing director & CEO of the country’s second-largest lender from May 1, 2009. She is currently the joint managing director and chief financial officer of the bank.

The board has recommended that her basic salary scale be hiked to Rs 7,00,000-Rs 13,50,000 from Rs 4,00,000-Rs 10,50,000 per month.

In 2007-08, Kochhar’s total remuneration, excluding stock options, was Rs 1.51 crore, including basic salary of Rs 66,00,000, performance bonus of Rs 22,44,000 and allowances and perquisites of Rs 44,75,244.

The total remuneration of former MD & CEO KV Kamath, who becomes non-executive Chairman from May 1, was Rs 2.66 crore in 2007-08.

Kochhar’s perquisites include furnished accommodation, gas, electricity, water and furnishings, club fees, personal insurance, use of car and telephone at residence or reimbursement of expenses in lieu thereof and payment of income tax on perquisites to the extend permissible.

In case company-owned accommodation is not provided, Kochhar would be eligible for house rent allowance of Rs 1,00,000 per month and maintenance of accommodation including furniture, fixtures and furnishings, the bank said in a notice to its shareholders.

In 2007-08, the bank had lowered performance bonus across the board by an average of 15 per cent and also decided against sanctioning annual increments for a large number of employees.

India has seen over 15 per cent rise in wage costs for the past three to four years. And, ICICI Bank's Kamath had last year said that the India cannot sustain salary increases of such order.

SHARE THIS ARTICLE ON
app
Close
India’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand.(AP)
India’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand.(AP)

India needs bold policy response to secure robust economic recovery, says IMF

PTI, Washington
PUBLISHED ON JAN 28, 2021 06:52 PM IST
The upward revision for FY21/22 to double-digit growth reflects carryover from a stronger-than-expected recovery in 2020.
Close
WhatsApp and Facebook, represented by senior advocates Kapil Sibal and Mukul Rohatgi, told the court that the plea was not maintainable and many of the issues raised in it were without any foundation.(REUTERS)
WhatsApp and Facebook, represented by senior advocates Kapil Sibal and Mukul Rohatgi, told the court that the plea was not maintainable and many of the issues raised in it were without any foundation.(REUTERS)

WhatsApp adds new biometric security layer for desktop users

PTI
PUBLISHED ON JAN 28, 2021 06:33 PM IST
The Facebook-owned company said it will use the face or fingerprint unlock, where it is available on the mobile phone operating system, to facilitate the new security feature.
Close
Airtel said it is committed to position India as a global innovation hub that is at the forefront of tech revolution.(Pradeep Gaur/Mint)
Airtel said it is committed to position India as a global innovation hub that is at the forefront of tech revolution.(Pradeep Gaur/Mint)

Airtel demonstrates live 5G service over commercial network, says service ready

PTI
PUBLISHED ON JAN 28, 2021 06:29 PM IST
The move assumes significance as telcos are gearing up to leverage 5G as the next frontier for future growth to bolster revenues and provide stronger customer experience.
Close
The airline's total income declined 50% year-on-year to <span class='webrupee'>₹</span>5,142 crore in the third quarter, IndiGo said in a statement.(HT Archive)
The airline's total income declined 50% year-on-year to 5,142 crore in the third quarter, IndiGo said in a statement.(HT Archive)

IndiGo posts 620 crore net loss in Q3

PTI
PUBLISHED ON JAN 28, 2021 06:24 PM IST
In the June and September quarter this fiscal, the airline had incurred a net loss of 2,884 crore and 1,194 crore, respectively.
Close
Technological advances -- such as improved vision, mobility and end-of-arm tools for grabbing objects -- have expanded the uses for automation.(Getty Images/iStockphoto)
Technological advances -- such as improved vision, mobility and end-of-arm tools for grabbing objects -- have expanded the uses for automation.(Getty Images/iStockphoto)

The spread of Covid-19 led to a surge in orders for factory robots

Bloomberg
PUBLISHED ON JAN 28, 2021 06:14 PM IST
  • The need for automation became apparent outside the auto industry as workforces were hobbled by coronavirus, making it difficult to keep up with demand. Sales rose in some industries as household income that would have been spent on restaurants and entertainment went instead to consumer goods.
Close
The gold was kept in safes and vaults of the Surana Corporation under the CBI’s lock and seal. (HT Photo)
The gold was kept in safes and vaults of the Surana Corporation under the CBI’s lock and seal. (HT Photo)

Fall in gold prices continues for fifth day

By hindustantimes.com | Edited by Deepali Sharma, Hindustan Times, New Delhi
PUBLISHED ON JAN 28, 2021 05:32 PM IST
The global markets are also witnessing decline in the prices of gold on the back of a stronger dollar.
Close
Facebook had to pause its integration with Giphy in June last year.(REUTERS)
Facebook had to pause its integration with Giphy in June last year.(REUTERS)

UK opens investigation of Facebook’s purchase of Giphy

Bloomberg
PUBLISHED ON JAN 28, 2021 04:28 PM IST
The Competition and Markets Authority is increasingly voicing concerns about internet giants swallowing up smaller firms.
Close
Existence of a large number of players in the home loan market shows that ICICI Bank cannot operate independently in the market(Hemant Mishra/ Mint file photo)
Existence of a large number of players in the home loan market shows that ICICI Bank cannot operate independently in the market(Hemant Mishra/ Mint file photo)

Competition Commission dismisses complaint against ICICI Bank

PTI, New Delhi
PUBLISHED ON JAN 28, 2021 04:28 PM IST
  • In its order passed on Wednesday, the regulator said the allegations of abuse of dominance specifically relate to arbitrary increase in interest rate on home loan and increase in tenure of home loan by the bank on the basis of one-sided conditions in the loan agreement.
Close
In China, GameStop and AMC Entertainment Holdings Inc. were the most-traded US names.(Reuters file photo)
In China, GameStop and AMC Entertainment Holdings Inc. were the most-traded US names.(Reuters file photo)

GameStop’s wild ride has Indian retail traders joining in

Bloomberg
PUBLISHED ON JAN 28, 2021 04:00 PM IST
GameStop has exploded onto trading screens with the stock up more than 1,700% this year.
Close
A man walks by an electronic stock board of a securities firm in Tokyo, Wednesday, Jan. 13, 2021. Asian stock markets were mixed Wednesday after Wall Street rebounded, shrugging off uncertainty about a possible new attempt to impeach President Donald Trump over last week's attack on the U.S. Capitol. (AP Photo/Koji Sasahara)(AP)
A man walks by an electronic stock board of a securities firm in Tokyo, Wednesday, Jan. 13, 2021. Asian stock markets were mixed Wednesday after Wall Street rebounded, shrugging off uncertainty about a possible new attempt to impeach President Donald Trump over last week's attack on the U.S. Capitol. (AP Photo/Koji Sasahara)(AP)

Global stocks soured by Wall Street sell-off and 'vaccine nationalism'

Reuters
PUBLISHED ON JAN 28, 2021 03:10 PM IST
Wall Street on Wednesday suffered its biggest one-day percentage drop in three months as the S&P500 index and Nasdaq Composite fell 2.6%.
Close
Toyota cars at a dealership in West London are pictured as it remains closed during lockdown following the outbreak of Covid-19. (REUTERS)
Toyota cars at a dealership in West London are pictured as it remains closed during lockdown following the outbreak of Covid-19. (REUTERS)

Toyota unseats Volkswagen to become the world’s top-selling automaker

Bloomberg
PUBLISHED ON JAN 28, 2021 02:42 PM IST
Toyota’s group sales, which include those of its subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., for the year were 9.53 million units, the company said Thursday.
Close
Airbus and Boeing declined to comment, saying the WTO report is currently confidential.(Reuters file photo)
Airbus and Boeing declined to comment, saying the WTO report is currently confidential.(Reuters file photo)

Boeing gets US government approval to offer F-15EX to India

Reuters
PUBLISHED ON JAN 28, 2021 02:01 PM IST
Ankur Kanaglekar, director, India Fighters Lead, Boeing Defense, Space & Security, said discussions on the F-15EX had taken place earlier between the two governments.
Close
FILE PHOTO: A man stands in front of a wall of iPhones cases in the new Apple flagship store on its opening day in Sanlitun in Beijing, China, July 17, 2020. REUTERS/Thomas Peter/File Photo(REUTERS)
FILE PHOTO: A man stands in front of a wall of iPhones cases in the new Apple flagship store on its opening day in Sanlitun in Beijing, China, July 17, 2020. REUTERS/Thomas Peter/File Photo(REUTERS)

Apple logs record quarterly smartphone shipments, Huawei in freefall

Reuters
PUBLISHED ON JAN 28, 2021 02:01 PM IST
Huawei Technologies Co Ltd, unsurprisingly, suffered the most pain, with shipments tumbling a record 42.4% to 32.3 million.
Close
Gold demand in value terms in 2020, witnessed a decline of 14% and stood at <span class='webrupee'>₹</span>1,88,280 crore, compared to <span class='webrupee'>₹</span>2,17,770 crore in 2019, according to the WGC data. (Representative Image)(HT Photo)
Gold demand in value terms in 2020, witnessed a decline of 14% and stood at 1,88,280 crore, compared to 2,17,770 crore in 2019, according to the WGC data. (Representative Image)(HT Photo)

India's gold demand down 35% in 2020; rebound in 2021 likely

PTI
PUBLISHED ON JAN 28, 2021 01:21 PM IST
India's gold demand fell by 35.34% to 446.4 tonne in 2020. In 2019, the total gold demand was 690.4 tonne, according to the WGC's 2020 Gold Demand Trends report.
Close
A customer looks at automobiles.(Bloomberg)
A customer looks at automobiles.(Bloomberg)

Auto sector going through long-term structural slowdown: SIAM

PTI
PUBLISHED ON JAN 28, 2021 01:15 PM IST
The auto industry has been facing headwinds even before the Covid-19 pandemic derailed the entire sector last year, a research conducted by the Society of Indian Automobile Manufacturers (SIAM) has revealed.
Close
SHARE
Story Saved
OPEN APP