Women grow in the banking sector because of gender neutral policies

Chanda Kochhar, MD and CEO, ICICI Bank, was recently hailed as the most powerful woman in India by Forbes magazine. She talks to us about her incredible journey in the world of finance.

Q. What was your childhood dream?

My childhood dream was to be an IAS officer as I thought it would offer me a chance to build a respectable career.

Q. How did you finally get into finance?

When I shifted to Mumbai, it opened up a world of unbridled opportunities. I was introduced to the field of banking and finance. This encouraged me to earn an honours degree in Economics from Jai Hind College. I also enrolled at ICWAI for a degree in cost accountancy, and then went on to pursue a Master's degree at the Jamnalal Bajaj Institute of Management Studies. I was always good at mathematics, and working with numbers came very easily to me. This helped me do well during my graduation course and in professional studies.

Q. Were there a lot of women in finance when you started out?

In the 1980s when I started my career, women were just starting to enter the workforce in a significant manner. Sectors like banking, FMCG and manufacturing offered employment opportunities in large numbers. One of the major choices across the country was banking. The gender neutral policies and conducive work conditions for women in the banking sector further helped them grow in large numbers.
I gave my first interview with the ICICI Group and was offered the job. This was my first job and it continues to be the only group that I have worked for till date.

Q. What attracted you to finance and numbers?

I think the diverse projects I was able to work on. I have been given the opportunity to work across multiple assignments and this possibility drew me to and keeps me in finance till date.

Q. During your Jaipur school days, did you ever imagine you'd be a CEO?

As a student, my aim was to excel in studies. I worked hard and scored good marks during my graduation as well as my management course. My hard work was rewarded. I received the Wockhardt Gold Medal for Excellence in Management Studies as well as the J N Bose Gold Medal in Cost Accountancy. Later, when I joined ICICI Bank as a management trainee, my aim was to do each task to the best of my abilities. And I still ensure that each task is performed to the best of my abilities. I think when you focus on excelling at whatever you are doing now, the journey upward becomes a consequence of your hard work and effort.

Q. Are there moments when you feel torn apart between your family and work?

If you ask me, work-life balance does not mean choosing between work and family. You can be successful both at work and in your personal life by efficient time management, hard work and the right prioritisation. There have been days when it was important for me to be with my daughter when she was going for her exams or be present at my son's squash matches. On other days, I would have to attend meetings at work thereby missing a PTA meeting or an open house.

As a parent with a full-time job, I ensure that my work does not affect the way I relate to my family. I remember the time when my daughter was studying in the US and the announcement of my becoming MD and CEO of ICICI was splashed across all newspapers. She emailed me a couple of days later saying, 'You never made us realise that you had such a demanding, successful and stressful career. At home, you were just our mother'.

Q. One advice you gave your daughter on shattering glass ceilings...

Today, women are breaking barriers and conquering new heights. There is nothing that young women across the country cannot achieve. If you have a dream, you must live it, work on it and achieve it through hard work and perseverance. I gave this advice to my daughter and I say the same thing to all aspiring women.

Q. In India, most home finances are handled by women. Why is there such low representation of women in the industry?

I think banking is one of the few industries where women comprise a large section of the workforce. Traditionally, banking has given a supportive and a comfortable environment which motivated women to join the sector. Presence of a meritocratic environment was a reason which motivated women to join this space. This is why we see a lot of women in the banking sector who have headed banks at various points of times. Many women have also reached middle and top management levels even if they are not CEOs.

We have always believed that women participation in any organisation can be enhanced by providing a safe and secure working conditions, creating an environment for women to address their life-stage needs, especially, after child birth, and ensuring there is no discrimination in performance appraisal and career progression. Women are chosen for key roles on the criterion of merit and hard work.

Having said this, I do feel that girls need to be more motivated and ambitious when it comes to building a career. We often see that at school level girls outperform boys. The board results every year stand testimony to this. However, when it comes to enrolling for higher studies and applying for jobs, we see a decrease in the number of applications from girls. I think when more girls go higher up the education and jobs ladder, only then we will see a significant shift in the number of women professionals.

As a parent with a full-time job, I ensure that my work does not affect the way I relate to my family.