Interview with Chanda Kochhar


The Indian economy has its own set of fundamental advantages as well as its own set of challenges. Of course, over and above that, countries are now interconnected in many ways. But India’s biggest advantages really lie in its demographic dividend and its potential for investment in infrastructure and the core manufacturing sectors.

India’s banking industry can grow by at least two-and-a-half times the GDP growth rate of the country. So, depending on whether the GDP growth rate is close to 5%, as it currently is, or goes up to 8 or 9%, I think the banking industry will grow at anywhere between 13 to 14% up to between 24and 25%.

In today’s environment, risks are many, and the biggest one is volatility.

The tapering as well as its pace by the US Fed determines how many dollars and how much liquidity is available in the market. And then, of course, there’s the question of how we are able to manage our current account deficits, fiscal deficits and some of the macroeconomic factors like inflation.

How the emerging economies can capitalise on their own growth potential, and the pace of growth they create for themselves, will really determine what level of importance they achieve for themselves.

Taking regulators as stakeholders, their expectations of banks are also increasing. So, we are living in an environment where stakeholders are constantly enhancing their expectations of the organisation... organisations have to keep moving at that same fast pace in order to keep up with the rate of change.

We ought to be remembered for having played a role in contributing to India’s growth and, in so doing, benefited stakeholders who associated with us.

As part of PwC's 17th Annual Global CEO Survey, we spoke with Chanda Kochhar, MD and CEO of ICICI Bank. In this short video, Chanda talks about the return of confidence in economies around the world, the impact of technology - such as social media and mobile technologies - on the banking sector, the importance of keeping up with changing stakeholder expectations and ICICI's role in stimulating India's growth.

Chanda Kochhar is the Managing Director and Chief Executive Officer of ICICI Bank Limited, India's second largest bank and the largest in the private sector. She is widely recognised for her role in shaping the retail banking sector in India and for her leadership of the ICICI Group, as well as her contributions to various forums in India and globally.

Chanda began her career with ICICI Limited in 1984 and was elevated to the Board of Directors of ICICI Bank in 2001. She was instrumental in establishing ICICI Bank during the 1990s, and subsequently headed the infrastructure finance and corporate banking business in ICICI Limited. From 2007 to 2009, she was the Joint Managing Director and Chief Financial Officer during a critical period of rapid change in the global financial landscape. She was elevated as Managing Director and CEO of ICICI Bank in 2009. She also chairs the boards of the bank's principal subsidiaries, which include India's leading private sector life and general insurance companies.

In addition to her responsibilities at the ICICI Group, Chanda is a member of the Prime Minister's Council on Trade and Industry, the Board of Trade, High-Level Committee on Financing Infrastructure, US-India CEO Forum and UK-India CEO Forum. She is a member of the boards of the Indian Council for Research on International Economic Relations, National Institute of Securities Markets and Institute of International Finance. She was Co-Chair of the World Economic Forum's Annual Meeting in 2011.

She was conferred with the Padma Bhushan, one of India's highest civilian honours, in 2011.

These interviews contain the opinions and views of the CEOs interviewed, and do not necessarily represent the opinions and views of PwC.