Former ICICI Bank CEO Chanda Kochhar’s Letter to her Daughter goes Viral
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Chanda Kochhar, the former CEO of ICICI Bank, has been found guilty of corruption in a case involving a ₹300 crore loan given to the Videocon Group in 2009. According to a tribunal under the Prevention of Money Laundering Act (PMLA), Kochhar approved the loan in exchange for a ₹64 crore bribe. This bribe was routed through a company linked to her husband, Deepak Kochhar. The tribunal has now allowed the Enforcement Directorate (ED) to seize assets related to this case, calling the money “proceeds of crime.” [Click here to Read this News]
In the middle of this controversy, a letter Chanda Kochhar wrote to her daughter Aarti in 2016 has resurfaced. The letter talks about values like honesty, fairness, and hard work. While the letter was once seen as inspirational, many now see it as ironic, given the tribunal’s findings about Kochhar’s actions.
“Don’t take shortcuts. Never lose sight of what is right… Your values will eventually catch up with you.”
Now, this message stands in sharp contrast to the findings of corruption and concealment by the tribunal.
The letter is given below:
Dear Aarti,
As I sat in the plane from London to Mumbai, I realised that you will be graduating from your management school in a few days. And that you will be coming back to India to pursue your career and build your life.I want to share with you some lessons that I have learnt in life, and I hope that these will help you as you embark on your own beautiful journey.
1. When you grow up, become financially independent. You must be able to take your own calls, and the only way to do that is to be financially independent.
2. Do not let your gender define you. I grew up in a time when career options for women were considered limited. I chose to study management because my mother encouraged me. She told me I could pursue whatever career I wanted. So I did.
3. Don’t take shortcuts. Never lose sight of what is right. Because whatever you do, wherever you go, your values will eventually catch up with you.
4. Be kind. No matter what. People may not always be nice to you. But you have a choice to rise above that and be kind in return. It leaves you lighter. Happier.
5. Work hard. You will never regret working hard. Yes, you may get tired. But you will never feel bitter or resentful.
6. Find balance. There is no formula for it. You will need to create your own equation between work, relationships and yourself. But remember that balance is not a luxury. It is a necessity.
7. Remember that happiness is a journey, not a destination. Don’t postpone your happiness. Live in the moment. Take time to appreciate the little joys of life. As you start this new chapter of your life, I want you to know that you are never alone. I will always be there for you.
Love always,
Mumma
Also Read: Chanda Kochhar Took Rs.64 Crore Bribe for sanctioning Rs.300 Crore Loan to Videocon
Letter reflects that CEO Ms Kochar transmits moral values to her daughter which is remarkable. Ms Kochar comes under cloud because she may be under compulsion to fulfill targets.
Dear hellobanker,
This is only about white collar crimes, otherwise called fraud.
Here I recall, years ago, a trite comment from retd FBI agent that the security details around the President of USA is to nab the assassin/ would be assasin after the POTUS is harmed or to be harmed and not before the act! In most such assassination cases, the security detail could not prevent the assassination or preempt the attempt. Why? So, the would be assassin is better planned than the security detail. Likewise, ED or CBI. Rules are framed by bank re. Loan. If a banker has to strictly follow the rules of banking, no large scale loaning can be done. In the concept of banking, there is the element discretion without which no loaning be done. Follow the rules, bankers are safe from ED, CBI, CVC. When a banker follows the ABC of loaning, there will be delay. So at his discretion, banker temporarily relaxes a rule in good faith which for ED and CBI is fraudulent! My suggestion is therefore is to appoint an ED or CBI or CVC personnel in a consortium loaning who will be the final authority to sanction loan of Rs 1 lac and above. Difficult, yes. But when ED CBI CVC work their separate ways, their only intention in mind is fraud, fraud and fraud, and criminal conspiracy in every NPA, and the banker held to account even where acts of good faith and error of judgement, which characteristics are ruled as not criminal acts by courts, but not to the agencies. When bankers are given some discretionary rights, none can question it. ED CBI CVC, sadly, are unaware that in banking, Practice of banking preceded Law of banking.
In all, banker should not be zealous for growth and follow rules strictly. Remember, “Do not be more loyal than the king” should be only guiding light to save the bankers.
Regards