ICICI’s Chanda Kochhar and NS Kannan get 15% appraisal

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Chanda Kochhar, MD of ICICI Bank, and NS Kannan, its senior most executive director, have received a 15% hike each in their basic salaries for the fiscal year ended March 2017.
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The bank's annual report showed that both executives also had their allowances hiked.

Talking of Kochhar, her basic salary increased to Rs 2.66 crore in the fiscal ended March 2017 as against Rs 2.31 crore in the previous year, while for NS Kannan, it increased to Rs 1.76 crore from Rs 1.53 crore.

A performance bonus, allowances and perquisites, provident fund, superannuation fund and gratuity fund also form parts of Kochhar’s total salary, which were increased 63% to Rs 7.83 crore in the last fiscal from Rs 4.76 crore. The main jump was because of a Rs 2.20 crore bonus which was non-existent last year. Jump of 47% in allowances and perquisites is also a reason of the increased salary.

Kannan's total salary too saw a jump of 63% from Rs 3.29 crore to Rs 5.37 crore, led by a Rs 1.47 crore bonus and a 23% rise in allowances and perquisites.

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In the fiscal ended march 2016, top executives of ICICI bank, be it MD Kochhar or general managers, had let go of bonuses since there was a sharp drop in the net profit for the fourth quarter.

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