The four MDs who are facing the interview are- Siddhartha Mohanty, Mini Ipe, BC Patnaik and M Jagannath
Since, some of the top bureaucrats who are part of FSIB , are busy during the Budget session of Parliament, the interview is being conducted virtually
Currently, Siddhartha Mohanty is acting chairman of the country’s biggest life insurance firm after the completion of the term of MR Kumar on March 13, 2023
New Delhi/Mumbai:
The Financial Services Institutions Bureau (FSIB), the headhunter for top officials of state-owned banks and financial institutions, is interviewing four managing directors of Life Insurance Corporation(LIC) virtually to select a new chairman of the corporation..
The four MDs, who are facing the interview are- Siddhartha Mohanty, Mini Ipe, BC Patnaik and M Jagannath.
Since, some of the top bureaucrats who are part of FSIB , are busy during the Budget session of Parliament, the interview is being conducted virtually and result will be out by today evening.
FSIB, the six members panel, is headed by the former secretary of the Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.
Other members of the headhunter are the Secretary Department of Financial Services Vivek Joshi, the Secretary Department of Public Enterprises Ali Raza Rizvi, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan and former Oriental Insurance MD A V Girija Kumar and former member IRDAI Sujay Banerje.
Currently, Siddhartha Mohanty is acting chairman of the country’s biggest life insurance firm after the completion of the term of MR Kumar on March 13, 2023.
Mohanty is the senior most MD of the corporation and going by the normal practices, the senior most official has become the chairman of the corporation for the last two dEcades.
Mohanty is scheduled to retire in June while Ipe in August this year and Patnaik this month end ,if they are not selected for the chairman position.
However, the chairman of LIC retires at the age of 62 years.
Tablesh Pandey has already been appointed to succeed Patnaik..
The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
The government in 2021 extended the superannuation age of the LIC Chairman to up to 62 years by making an amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.
The changes made in the rules are called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.
It is to be noted that the retirement age for the top executives of the majority of PSUs is 60 years, barring a few exceptions, including the State Bank of India (SBI).