New Delhi (IANS) - ICICI Bank CEO Chanda Kochhar's total remuneration went up 64% to Rs 7.85 crore in 2016-17 against Rs 4.80 crore the previous year, owing majorly to a 15% increase in basic salary and Rs 2.20 crore performance bonus. The country's largest private sector lender in its annual report 2016-17 showed Kochhar received Rs 2.67 crore as basic salary as compared to Rs 2.32 crore in the previous year.
Interestingly, Kochhar decided not to contribute to the superannuation fund in 2016-17, which was at Rs 34.79 lakh in 2015-16, and will now be taxable income. Thus, her allowances and perquisites income for 2016-17 increased by 47% to Rs 2.44 crore from Rs 1.66 crore in the previous year, the annual report showed. Along with Kochhar, the managing directors of the bank also received an increase of 15% in their basic salary for 2016-17 along with the performance bonus, that was missing in the previous year.