In 1993, Kochhar was sent to ICICI Bank as part of a core team to set the bank. In 1998, she headed ICICI's "Major Client Group", which handled relationships with ICICI's top 200 clients. Under Kochhar's leadership, ICICI bank started the retail business in 2000 and emerged the largest retail financer in India, in the next five years. In April 2001, she took over as Executive Director, heading the in ICICI Bank. Within 7 years beginning 1994, she got five successive promotions to become Executive director. In April 2006, Kochhar was appointed as Deputy Managing Director of ICICI Bank.
Kochhar is MD and CEO of ICICI Bank from May 2009.