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One more glass ceiling has been broken. ICICI Bank, one of India’s leading banks and financial institutions will have a 48 year old lady at the helm of affairs effective May1, 2009. Chanda Kochhar, currently Dy Managing Director and Group CFO has been appointed CEO & Managing Director .

She succeeds the long serving incumbent, K.V.Kamath, who will become the non-executive Chairman. She featured at Rank 37 in Fortune’s list of the 50 Most Powerful Women in Business in the world in 2006.

Chanda’s has been a case- fairly rare these days- of one who has grown rapidly in a career in the same organization.  Her illustrious career is captured here- from the time she joined as a Management Trainee way back in 1984.  Originally from Jodhpur in Rajasthan, she is an alumnus of the well known Jamnalal Bajaj Institute of Management Studies at Mumbai.

Chanda’s appointment augurs well for the many women executives who aspire to reach the top most positions in their organizations. There are several other ladies who have made it big, especially in the banking sector writes Joe Leahy in the Financial Times.

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