Indian Women in Banking Industry: Breaking the Glass Ceiling?
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Themes: HRM \ OB
Pub Date : 2009
Countries : India
Industry : Services
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Case Code : HRM0061
Case Length : 20 Pages
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Women in Banking Sector: The ICICI Effect cont...
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The Group has approximately 33% women employees and women hold 40% of senior positions . It gives importance to capabilities, potential and efficacy of an executive. "An employee is judged, rewarded, penalised purely on the basis of merit and his/her ability to perform. A job is assigned to the person who can deliver the best and gender is never even a consideration,"25 says Chanda Kochhar, MD and CEO of ICICI Bank. Women executives - Chanda Kochhar, Shikha Sharma, Lalita Gupte, Madhabi Puri Buch and Kalpana Morparia - head various portfolios of the company bringing in phenomenal changes and contributing to the company's growth. Lalita Dileep Gupte, Retired as MD, ICICI Global OperationsLalita Dileep Gupte (Gupte) was a crowning glory of ICICI Group. Her contribution to company's growth was significant. She joined ICICI in 1971 as a trainee and served various portfolios like Project Finance, Leasing, Resources and Treasury and Credit Operations. |
Since 1996, she served as the deputy managing director of ICICI Bank. She was director of ICICI Bank Ltd., since September 12th 1994. She played a key role in envisioning and implementing the international strategy. She was instrumental in the transformation of ICICI Bank - from a primary term lending institution into a technology-driven, diversified financial services group. She took the initiative of getting the bank listed on the New York Stock Exchange - the first Indian financial entity ever to do so - and her inspiring career saw Fortune Magazine list her as the 31st 'Most Powerful Women in Business' outside of the US in the year 2001.
Shikha Sharma, Former MD of ICICI Prudential Life Insurance (now MD and CEO of Axis Bank)
In 1980, Shikha Sharma (Sharma) joined ICICI Group as a project officer through campus recruitment (from the Indian Institute of Management, Ahmedabad). For initial 12 years, Sharma worked in every department of the Group - Resource Raising, Venture Capital, Leasing - and in 1992 she was assigned to set up the institution's investment banking arm. When she returned to the parent unit in 1997, she took the position of strategist for CEO K.V. Kamath. In the following year, she rolled out the retail assets strategy for ICICI, which was gearing up to become a bank. "That was a new game. The entire mindset of the institution had to be changed. In corporate banking, you take six months to appraise a project but in retail you need to do credit appraisals in 24 hours. There are bound to be mistakes but in ICICI we are allowed to make mistakes. Here, all managers have the freedom of an entrepreneur,"26 she commented.
25]Ibid
26]"Risk and romance: Shikha Sharma", http://www.iciciprulife.com/creative/descpopup.jsp?subcategory_id=
1202&category_id=24, July 6th 2004