The general managers who have been shortlisted are- M Rajeswari Singh, Agriculture Insurance Company(AIC), BS Rahul,(AIC),N Ramaswamy, presently heading GIC Re’s London branch, Neerja Kapur, NIA, Girija Subramanian, GIC Re, Rashmi Bajpai, Oriental Insurance Company(OIC), Rashmi Raman Singh,OIC

Financial Services Institution Bureau(FSIB) is yet to fix date of interview for these officials

New Delhi:

After setting up the Financial Services Institution Bureau (FSIB,) that replaced the BBB(Banks Board Bureau) as the head hunting agency for the top management of PSU banks and insurance companies, the Department of Financial Services(DFS) has swung into action to kick start the processes for the appointment of two new CMDs in Mumbai based New India Assurance(NIA), New Delhi based Agriculture Insurance Company(AIC) and fill up all posts general manager and directors(GMDS) in PSU general insurance companies.

The Department of Financial Services(DFS) has shortlisted seven general managers(GMs) from PSU general insurers and GIC Re for the selection of two CMDs

The GMs who have been shortlisted are- M Rajeswari Singh, Agriculture Insurance Company, BS Rahul,(AIC),N Ramaswamy, presently heading GIC Re’s London branch ,Neerja Kapur, NIA, Girija Subramanian, GIC Re, Rashmi Bajpai, Oriental Insurance Company(OIC), Rashmi Raman Singh, OIC.

In the list, M Rajeswari Singh is not only the senior most GM, also has the longest years- till 2027- to go when she will reach 60. Kapur has the shortest time to retire- till Apr 2024.

One of the main criteria facilitating the shortlisting of all these candidates, out of 38 serving GMs, is two years of their residual services and completion of two years as GMs.

The FSIB is yet to fix an interview date for these officials.

“It will happen soon,’’ said sources at the DFS.

Similarly, the DFS is also preparing a list of GMs who can appear for interviews for the post of GMDs in the PSU general insurance industry. All the posts of GMDs, two each in six companies, in PSU general re/insurers including GIC Re are currently vacant.

Industry sources point out that all those GMDs who had to quit following the Delhi High Court order will be reinstated through the new exercise.

FSIB, which has been reconstituted under Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT) and with the new banking experts, will continue with the three insurance experts who were inducted into BBB in December 2021.

The experts are, Girija Kumar, former CMD of OIC, Sujay Banarji, former member of IRDAI and Usha Sangwan, former MD of Life Insurance Corporation(LIC).

The post of CMD in NIA was vacant after Atul Sahai retired in February end this year and the CMD of AIC will fall vacant after Malay Poddar will call it a day during this month end.

The government had to scrap BBB after Delhi High Court struck down its power to select general manager and directors of PSU general insurers.

Consequently, all GMDs who were selected by the BBB had to quit the posts of directors.

Similarly, another case filed by Inderjeet Sigh, GM, NIA ,challenging the power of BBB to select Satyajit Tripathy, as the CMD of United India Insurance(UII) is currently going on in the Delhi High Court since Nov 2021.

The final hearing of the case has been adjourned to Sept 08.

It will be interesting to see how the the government will handle the situation if Delhi HC in its final verdict disapproves BBB’s power to appoint CMDs of PSU general insurance companies which will affect all the existing CMDs of PSU general insurance companies ,chairman and four MDs of LIC.