ICICI Bank 2016 Annual Report Download - page 182

Annual Report 2015-2016180
Schedules
forming part of the Accounts (Contd.)
Financial Statements of ICICI Bank Limited
43. 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.
44. 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 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, ICICI Merchant Services Private Limited, India Infradebt Limited, India Advantage Fund-III, India Advantage
Fund-IV2 and Akzo Nobel India Limited.
1. Entity consolidated as per Accounting Standard (AS) 21 on ‘Consolidated Financial Statements’.
2. Identified as a related party during the three months ended September 30, 2014.
ICICI Bank Eurasia Limited Liability Company, ICICI Equity Fund and I-Ven Biotech Limited ceased to be related parties
from the three months ended March 31, 2015 , December 31, 2015 and March 31, 2016 respectively.
Key management personnel
Ms. Chanda Kochhar, Mr. N. S. Kannan, Ms. Vishakha Mulye1, Mr. K. Ramkumar, Mr. Rajiv Sabharwal
1. Identified as related party from the three months ended March 31, 2016.
Relatives of key management personnel
Mr. Deepak Kochhar, Mr. Arjun Kochhar, Ms. Aarti Kaji, Mr. Mahesh Advani, Ms. Rangarajan Kumudalakshmi,
Ms. Aditi Kannan, Ms. Sudha Narayanan, Mr. Raghunathan Narayanan, Mr. Rangarajan Narayanan, Mr. Vivek Mulye1,
Ms. Vriddhi Mulye1, Mr. Gauresh Palekar1, Ms. Shalaka Gadekar1, Ms. Jaya Ramkumar, Mr. R. Shyam, Ms. R. Suchithra,
Mr. K. Jayakumar, Mr. R. Krishnaswamy, Ms. J. Krishnaswamy, Ms. Pushpa Muralidharan, Ms. Malathi Vinod,
Ms. Sangeeta Sabharwal,Mr. Kartik Sabharwal and Mr. Arnav Sabharwal.
1. Identified as related parties from the three months ended March 31, 2016.
The following were the signicant transactions between the Bank and its related parties for the year ended March 31,
2016. A specic 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, 2016, the Bank paid insurance premium to insurance subsidiaries amounting to
` 1,406.8 million (March 31, 2015: ` 1,200.5 million). The material transactions for the year ended March 31, 2016
were payment of insurance premium to ICICI Lombard General Insurance Company Limited amounting to ` 1,180.3
million (March 31, 2015: ` 1,070.1 million) and to ICICI Prudential Life Insurance Company Limited amounting to
` 226.5 million (March 31, 2015: ` 130.4 million).
During the year ended March 31, 2016, the Bank’s insurance claims (including the claims received by the
Bank on behalf of key management personnel) from the insurance subsidiaries amounted to ` 167.1 million