The GMs, who will be appearing for the interview 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

New Delhi;

Ending a long spell of uncertainty, a month-old Financial Services Institution Bureau (FSIB), will undertake its first- ever exercise of selecting CMDs of PSU insurance companies today.

The FSIB, that replaced the BBB (Banks Board Bureau) as the head hunting agency for the top management of PSU banks and insurance companies on July 1, will be interviewing seven shortlisted general mangers of different PSU general insurance companies and GIC Re virtually to select two CMDs for New India Assurance(NIA) and Agriculture Insurance Company(AIC) on Wednesday.

The results of the interview are expected to be announced on the same day.

The GMs who will be appearing for the interview 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.

After FSIB selects the candidates on Wednesday, it will be sent to the department of financial services (DFS) which will start obtaining vigilance clearance or reports regarding ongoing/contemplated inquiry or investigation or proceeding, if any, against the recommended person from various bodies like Central Vigilance Commission(CVC) before seeking approval of Appoint Committee of Cabinet(ACC).

“It will take around 2-3 months before appointment final letters are issued for CMDs for NIA and AIC,” said DFS sources.

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.

FSIB, which has been reconstituted recently 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).

Along with these three experts, the panel that will be interviewing the seven GMs will have Debasish Panda, chairman, IRDA and Sanjay Malhotra,secretary,DFS.

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.