Power and poise

Chanda Kochhar has reached the top of one of India's leading private banks thanks to her unwavering self-belief. Making it to the list of Fortune's 50 Most Powerful Women in Business, the high-flier tells Rajendar Menen that everyone has it in them to be extraordinary.

I am a bit early for the appointment and as I wait in the conference room of the ICICI offices in Churchgate, Mumbai, I take in the muted decor of the room. It's another world, of high finance, high stakes, opulence ...

Suddenly, the door opens and I am informed that Ms Kochhar has arrived. I check my watch. She is to the minute on time.

Dressed in a blue-green sari, wearing blue topaz earrings and her face clear of make-up, Chanda Kochhar is a picture of alertness and warmth. Despite her petite appearance, she is strong, articulate and mercifully free of attitude that some would think comes with the territory.

"Would 45 minutes be sufficient for the interview?'' she asks, leading me into her office. She then offers me a hot cup of tea and sees to it that I am comfortably settled in for the interview.

As deputy managing director of ICICI Bank Ltd, one of India's largest private banks, Kochhar is a role model for aspiring business women in India. Youthful, focused and highly organised, she believes that everyone has the potential to succeed in whatever they do.

Ranked 47th in Fortune magazine's list of the 50 Most Powerful Women in Business in 2006, Kochhar has overseen the bank's meteoric rise in retail banking and is poised to take it on a course of international growth.

Kochhar, 45, oversees ICICI Bank's corporate and retail banking businesses. Late last year, she was also made responsible for its international businesses.

India's second largest bank, ICICI has experienced phenomenal growth in recent times and Kochhar has played a significant part in this.

In particular, she was instrumental in setting up and expanding the bank's retail business. Under Kochhar's direction, ICICI's customer base increased from
2 million to 14 million in just four years, according to Fortune.

That is undoubtedly a long way to have come for a girl who grew up in a "middle-class" family in Jodhpur, Rajasthan.

From Jodhpur to Mumbai
Born and raised in Jodhpur, Kochhar says, "My father was a professional, my mother a homemaker and they insisted that we children - my sister, brother and I - would get the same education and facilities (as the well-to-do).

"My siblings are in completely different professions. We were brought up to make responsible choices. I studied hard and the rest happened."

She speaks in a soft, but totally assured voice. She exudes confidence and it is not too difficult to believe when she says that she is a self-motivated individual.

"I had no heroes or icons. I admire so many traits in so many other people. I feel there is something in everyone, even in the most ordinary of us. I looked for that (quality) even while growing up. I still do."

As a young girl, Kochhar loved badminton and basketball and was also involved in theatre. She did programmes for All India Radio and was passionate about involvement in a Sindhi theatre group.

"It was a hobby, " she says of her love for theatre those days, "it was great fun but I never looked at theatre as a career. I was clear about what I wanted to do - take up a job in a serious profession."

Completing her schooling from a small town in Jodhpur, Kochhar enrolled for a Bachelor of Arts degree at the Jaihind College, Mumbai.

She went on to complete an MBA at the Jamnalal Bajaj Institute of Management Studies emerging a topper with the Wockhardt Gold Medal for Excellence in Management Studies and the J. N. Bose Gold Medal for the highest marks in cost accountancy under her belt.

A rollercoaster career
Having worked with ICICI for almost 23 years, her career has drawn richly for itself from various roles, divisions and challenges.

"Although I didn't shift companies, I was in a very mobile and evolving environment," she says, talking of her long stint with ICICI.

"This has been a period of dramatic growth and ICICI has redefined its character during this time. I have been very fortunate to be a part of the change.

"I have been able to move from one colour of the spectrum to the other and it was like moving into a new job every three to four years. So I didn't need to look for another job.

"You see, India has also changed a lot during these years. When I began my career with ICICI, the work environment was completely different … (So), I never thought of applying anywhere else. Of course, I am glad I remained here."

Work philosophy
Having spent over two decades in varying roles of power and responsibility, Kochhar has devised her own set of management principles. For example, she feels that "it's essential to make employees aware of the direction a business is going in.

"It is very important to have a vision and to know where you want to take your business and to share it with your people," she says.

"Worker empowerment is also vital. I believe in it. I have grown in this environment and have been instrumental in setting up the newer businesses of the bank. I have seen and experienced the power of empowerment.

"Of course, there shouldn't be anarchy. The leader should be able to take a very broad view of things. He or she should be flexible and be able to handle the nitty-gritty. No detail should be considered too small. And you have to be there when called upon."

Kochhar believes that discussion and dissent at every level is essential to the decision-making process. "People should be encouraged to air their views. There's value in every opinion. Finally, it is up to the leader to take the decision, communicate it to the rest of the organisation and to stand by it."

Time, according to Kochhar, is a great teacher and there is no substitute for experience. "I believe that success is a gradual process. It takes time."

Equal opportunity
The ICICI Bank has a number of women in leadership roles and Kochhar feels that gender diversity has played a key role in the organisation's evolution. "Let me underscore this," she says.

"ICICI is a gender neutral, merit-oriented organisation. Merit is the only criterion. If you are good, nothing can stop your progress."

On the subject of corporate social reponsibility, Kochhar says the bank is doing its bit. "We work towards children's education, female health, micro finance and in several other areas. Women in particular need to be economically empowered.

"They need to have more confidence and develop more social awareness. Discrimination of any kind should be done away with and equal opportunities must be provided to all. It is a very responsible activity and the bank plans to move into new areas with time."

So, is she a feminist then?
"I am not a feminist. I just believe in equal opportunity," she replies.

Kochhar outlines the bank's role in promoting sustainable development. "Our efforts are broadly divided into two spheres - initiatives that seek to make a broader impact on society, which we pursue through a partnership approach, and initiatives that directly impact the economic well-being of individuals, where we have a more direct approach."

One of these ventures is the Social Initiatives Group (SIG), a non-profit resource group that focuses on early child health, education and access to financial services.

The aim is to maximise the proportion of babies born healthy and aid their development in the first three years of life. Access to elementary education and basic financial services is also ensured.

"Our goal is to alleviate poverty. There are several measures (we have adopted towards this goal). I have only outlined a few.

"I believe that there should be universal access to basic financial services. Once that is achieved, we need to take the people to the next level of economic activity through choices of occupation, free from credit constraints."

Other programmes she focuses on are "the creation of large-scale infrastructure that will change the economic environment of the poor through better roads, healthcare infrastructure, setting up of government and private schools, providing electricity, clean water, etc. These are long-term investments and will take time."

Promotion and advertising
The bank earned itself a high profile due to its marketing strategies when it decided to appoint Amitabh Bachchan, India's most well-known actor, as its brand ambassador (from 2000 to 2002). And then stepped in actor producer and television show host Shah Rukh Khan.

Was there a particular reason to choose a movie star as the bank's brand ambassador?
"Amitabh Bachchan had an appeal across age groups and Shah Rukh Khan works well for the global Indian," replies Kochhar.

Going global
"If India is to grow, the banking system has to grow. I am happy to see that the benefits of economic growth have touched the lives of people at the grassroots level. More business creates more jobs and more money gets into circulation. More products are purchased and there is growth at every level.

"More and more people are starting to take part in the economic growth of India. As a country, we are on the right path. It's a slow process but it is happening. With time, I am sure there will be a more equitable distribution of wealth."

Family Vs. career
Married to a businessman, Kochhar has two children but with a job like hers life is hectic and leaves her no time for hobbies or sport. So career-focused is she that she admits her work gives her a fresh lease of life every day!

How does she then balance home responsibilities with the demands of her work?
"It is all about time management," she says, adding that prioritising is a must. She is at the moment trying to minimise business travel. "There is a lot of travel and I try to do short trips," she adds.

"I am up at 6 am before the kids wake up and manage to get to bed only around midnight. I need to supervise my children's needs and then organise the home before leaving for office.''

Having an extended family also helps, she admits.

Though, with her daughter Aarti, 18, all set to leave for the US for higher education, things at home might get just that little bit quieter. and Kochhar would have only Arjun, 11, to look after.

For now, Kochhar has put her hobbies on hold. "I catch up on music and reading while travelling. I don't have time for sport and theatre but I do now and then watch some films at home with the kids. That's my dose of entertainment."

With her packed schedule, Kochhar admits to having no time for exercise as well, so "I watch what I eat." It's her job that keeps her energy levels topped up. "I love my job and I never feel tired."

Even in the face of challenges? "The size of the challenge," Kochhar says, "is always smaller than the size of the force before you."