RK Sinha, MD& CEO, SBI Capital Markets
Sinha is an officer from State Bank of India having specialisation in Treasury, Trade Finance & Balance Sheet Management. Analysts pointed out that with his expertise in global markets, Sinha will contribute to the further strengthening of IRDAI’s expanding supervision skills in the areas like IFRS, and Risk Based Capital(RBC)
New Delhi:
The government has appointed Rajay Kumar Sinha,56,managing director and CEO, SBI Capital Markets, the investment banking arm of State Bank of India, as the new member (Finance & Investment) for three years on Tuesday.
The Appointments Committee of Cabinet(ACC) has issued its approval for Sinha on Tuesday.
Now, Sinha has to quit his parent organisation SBI to join Hyderabad based IRDAI. He had joined SBI in 1991.
The post had fallen vacant after Rakesh Joshi, who had also retired from SBI Caps(as executive vice president and group head(Debt Capital Markets) before joining the IRDAI. ended his tenure at the insurance regulator in December 2023.
Sinha held the position of overseeing Treasury operations at SBI, where he managed the bank’s investment portfolio, money market, equity, private equity, and forex operations.
Analysts pointed out that with his expertise in global markets, Sinha will contribute to the further strengthening of IRDAI’s expanding supervision skills in the areas like IFRS, and Risk Based Capital(RBC).
The Financial Sector Regulatory Appointment Search Committee( FSRASC), headed by cabinet secretary Rajiv Gauba had interviewed five candidates to select a new member(F&I).
Earlier, the government had extended the tenure of PK Arora, member, Actuary, for another two years till January 04, 2026.
After Sinha joins, IRDAI, the insurance regulator will have all five members.
However, the Department of financial sector services (DFS) has already advertised for the post of member, Distribution, IRDAI as the incumbent SN Rajeswari will be retiring on March 4.
The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as of the date of vacancy, that is March 4, 2024.
An IRDAI member is entitled to a consolidated pay and allowances of Rs 4 lakh per month without the facility of a house and a car.