However, the ministry of finance has not selected any body for the IPO bound Life Insurance Corporation(LIC) which has provisions for two independent directors
New Delhi:
The government has appointed independent directors on board of various public sector insurance companies, banks and other financial instiutions on Tuesday.
However, the ministry of finance has not selected any body for the IPO bound Life Insurance Corporation(LIC) which has provisions for two independent directors.
With the recommendations by the department of financial services, the appointments committee of the Cabinet (ACC)n cabinet has approved the names for T Shivkumar for GIC Re and Ratan Kumar Das and Surender Kumar Agarwal for Mumbai based New India Assurance.
P Reghunathan Nair has been chosen for Delhi based Oriental Insurance Company.
The government has appointed non-official directors (NOD) on the board insurers,banks for three years.
No independent directors have been named for two other PSU general insurers, United India Insurance, National Insurance Company(NIC) yet.
A few PSU banks including State Bank of India Union Bank of India, Punjab National Bank and Canara Bank, Central Bank of India, Bank of Mahrashtra,Indian Overseas Bank,UCO have also seen inductions of independent directors.
The appointment done under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 and 1980.
Bank of Maharashtra in a filing said Department of Financial Services under Ministry of Finance dated December 21, 2021, appointed Shashank Shrivastava and Sardar Baljit Singh as NOD.
Ajay Singhal was appointed as part time non-official director on the board Bank of Baroda for a period of three years while Nalini Padmanabhan was appointed on board of Canara Bank.
Pankaj Joshi and Sanjeev Kumar Singhal were appointed on board of PNB and Suraj Srivastava on Union Bank’s board.