Neerja Kapur, general manager , New India Assurance

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, had interviewed 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.

New Delhi:

After interviewing seven general managers of the PSU general insurance industry, the newly setup Financial Services Institution Bureau (FSIB) on Wednesday has selected, Neerja Kapur, general manager(GM), New India Assurance as the CMD of the company while Girija Subramanian, GM, GIC Re has been recommended for the CMD of Delhi based Agriculture Insurance Company(AIC).

Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Kapur and Subramanian for NIA and AIC respectively, said FSIB on Wednesday evening.

Kapur has been working in NIA, the largest non-life multinational in the country, for over last three decades and will be retiring on 30th April, 2024 while Subramanian has been with GIC Re since 1988 and has services upto 31st July,2026.

NIA, which celebrated its 104th anniversary this month, for the first time will be headed by lady chairperson.

FSIB on Wednesday undertook its first- ever exercise of selecting CMDs of PSU insurance companies today and had interviewed seven shortlisted general mangers of different PSU general insurance companies and GIC Re virtually to select two CMDs for NIA and AIC.

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, .

The GMs who appeared for the interview are- M Rajeswari Singh, Agriculture Insurance Company, BS Rahul,(AIC),N Ramaswamy, presently heading GIC Re’s London branch, Kapur, Subramanian, Rashmi Bajpai, Oriental Insurance Company(OIC), Rashmi Raman Singh, OIC.

After FSIB’s selections on Wednesday, the names 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), said the head hunting agency.

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

The post of NIA CMD had fallen vacant after Atul Sahai, retired in Feb end this year while Mallay Poddar, CMD, AIC will be retiring this month end.

The FSIB will soon begin the selection exercise of general managers and directors(GMD) of PSU general insurance companies and GIC Re. All the post of GMDs are currently lying vacant.