ICICI Bank 2015 Annual Report Download - page 171

169Annual Report 2014-2015
forming part of the Accounts (Contd.)
Schedules
Financial Statements of ICICI Bank Limited
42. Dividend distribution tax
Dividend received from Indian subsidiaries, on which dividend distribution tax has been paid by them and dividend
received from offshore subsidiaries, on which tax has been paid under section 115BBD of the Income Tax Act, 1961,
has been reduced from dividend to be distributed by the Bank for the purpose of computation of dividend distribution
tax as per section 115-O of the Income Tax Act, 1961.
43. Related Party Transactions
The Bank has transactions with its related parties comprising subsidiaries, associates/joint ventures/other related
entities, key management personnel and relatives of key management personnel.
Subsidiaries
ICICI Bank UK PLC, ICICI Bank Canada, ICICI Prudential Life Insurance Company Limited, ICICI Lombard General
Insurance Company Limited, ICICI Prudential Asset Management Company Limited, ICICI Securities Limited, ICICI
Securities Primary Dealership Limited, ICICI Home Finance Company Limited, ICICI Venture Funds Management
Company Limited, ICICI International Limited, ICICI Trusteeship Services Limited, ICICI Investment Management
Company Limited, ICICI Securities Holdings Inc., ICICI Securities Inc., ICICI Prudential Trust Limited and ICICI Prudential
Pension Funds Management Company Limited.
Associates/joint ventures/other related entities
ICICI Equity Fund1, ICICI Strategic Investments Fund1, FINO PayTech Limited, I-Process Services (India) Private Limited,
NIIT Institute of Finance, Banking and Insurance Training Limited, Comm Trade Services Limited, ICICI Foundation
for Inclusive Growth, I-Ven Biotech Limited1, ICICI Merchant Services Private Limited, India Infradebt Limited, India
Advantage Fund-III and India Advantage Fund-IV.
1. Entities consolidated as per Accounting Standard (AS) 21 on ‘Consolidated Financial Statements’.
India Advantage Fund-III has been identified as a related party during the three months ended June 30, 2014. India
Advantage Fund-IV has been identified as a related party during the three months ended September 30, 2014. TCW/
ICICI Investment Partners Limited and ICICI Venture Value Fund ceased to be related parties from the three months
ended September 30, 2013 and December 31, 2013 respectively. ICICI Emerging Sectors Fund, ICICI Eco-net Internet
and Technology Fund and Rainbow Fund ceased to be related parties from the three months ended March 31, 2014.
Mewar Aanchalik Gramin Bank, ICICI Kinfra Limited and ICICI Bank Eurasia Limited Liability Company ceased to be
related parties from the three months ended June 30, 2014, December 31, 2014 and March 31, 2015 respectively.
Key management personnel
Ms. Chanda Kochhar, Mr. N. S. Kannan, Mr. K. Ramkumar, Mr. Rajiv Sabharwal.
Relatives of key management personnel
Mr. Deepak Kochhar, Mr. Arjun Kochhar, Ms. Aarti Kochhar, Mr. Mahesh Advani, Ms. Rangarajan Kumudalakshmi,
Ms. Aditi Kannan, Ms. Narayanan Sudha, Mr. Narayanan Raghunathan, Mr. Narayanan Rangarajan, Mr. R. Shyam,
Ms. R. Suchithra, Mr. K. Jayakumar, Mr. R. Krishnaswamy, Ms. J. Krishnaswamy, Ms. Pushpa Muralidharan,
Ms. Sangeeta Sabharwal, Mr. Kartik Sabharwal, Mr. Arnav Sabharwal.
The following were the significant transactions between the Bank and its related parties for the year ended March 31,
2015. A specific related party transaction is disclosed as a material related party transaction wherever it exceeds 10%
of all related party transactions in that category.
Insurance services
During the year ended March 31, 2015, the Bank paid insurance premium to insurance subsidiaries amounting to
` 1,200.5 million (March 31, 2014: ` 1,072.6 million). The material transactions for the year ended March 31, 2015 were
payment of insurance premium to ICICI Lombard General Insurance Company Limited amounting to ` 1,070.1 million
(March 31, 2014: ` 978.5 million) and to ICICI Prudential Life Insurance Company Limited amounting to ` 130.4 million
(March 31, 2014: ` 94.1 million).