A week ago, Chanda Kochhar was convicted of taking a Rs 64-crore bribe to sanction a Rs 300-crore loan to Videocon.
Around the same time, a letter that the former ICICI Bank CEO wrote to her daughter Aarti a decade ago resurfaced on social media. In it, Kochhar wrote about the challenges she faced in her career and advised her daughter to achieve goals without cutting corners. It is a heartfelt letter, one you’d expect from any parent. Except, Chanda isn’t just anyone. To me, she was the posterchild of what women can achieve in India Inc, an image that has come entirely undone in the last decade.
Instead of a letter trying to claim credibility as a leader and a mother, I am still awaiting a formal apology — or even an acknowledgement — from the former seniormost banker in the country.
While she may attempt to proclaim herself as a good wife, mother, or relatable woman banker… she still hasn’t owned up to the fact that she had a golden opportunity which she squandered. She was mentored by the likes of former ICICI Bank CEO KV Kamath, and gained a roadmap and access to the top. She had the guidance, the opportunity and the merit.
She was one of the few leaders to gain visibility on the world stage, a symbol of female leadership and empowerment in her sarees and diamonds, and seen hobnobbing with some of the most powerful people. She was a role model, an inspiration for so many women.
And yet…she committed a financial crime when she knew better.
Now, some may say that it’s not about gender. Well, it is, of course, about gender. She was noticed because she was one of very few women to make it to the top. And with that comes the responsibility to pave the way for others.
It also begs the question: Where is the next rung of women leadership? When I had interviewed Chanda over 15 years ago, she said, “Of course we’re mentoring women.” Where is that chain of new leadership in ICICI or in banking at all?
The last bastion is also set to exit with Kotak Mahindra Bank’s Deputy MD Shanti Ekambaram retiring in October this year.
Chanda Kochhar’s downfall has been a crushing setback for all women leaders. Her case has strengthened age-old prejudices against women, including the perception of them not having a mind of their own — and being mere puppets at the hand of those close to them. She’s reinforced the image of weak feminine leadership.
These prejudices will be the cost extracted from those who want the same opportunity to lead and a seat at the table.
How could a leader in her position, with all that power, not know or understand that their actions would create a ripple effect on women leaders everywhere?
And to now want to be remembered for all the good that they may have done back in the day is fanciful.
The real letter to write is one where she acknowledges her failure.