Chanda Kochhar, the former Managing Director of ICICI Bank on Monday submitted the amended petition challenging her termination from the bank in the Bombay High Court. The amended petition has now added RBI as a party to the case. The amended petition claimed that the RBI gave the approval without “due and proper application of…
In a recent development in the case of Chanda Kochhar versus ICICI Bank, the former CEO has sought permission from the Bombay High Court to amend her petition in view of the reply given by the bank to the court. Kochhar had earlier (30th November) moved the court challenging her termination and subsequent clawback of…
RBI Guidelines for Bank CEO Compensation provides for clawback, and deferred payouts of variable pay. RBI, has announced a fresh set of guidelines for compensation of CEO’s, whole time directors (WTD’s) of Banks. These guidelines are based on a review of guidelines issued in 2012 (for implementation effective FY 12-13). They are also aligned with…