Sourav Mishra, joint secretary, Department of Financial Services
Though, Mishra will be relieved on Apr 30, it is immediately not known whether a bureaucrat from the government or another private sector professional will replace him in the DFS which is headed by secretary Vivek Joshi
Mishra had played a key role in concluding the wage negotiation of the PSU non-life industry in 2022 and in developing the restructuring strategies of four PSU general insurance companies, New India Assurance, Oriental Insurance Company, National Insurance Company, United Insurance Company, along with E&Y, which are now being implemented by these companies.
New Delhi:
Sourav Mishra, joint secretary, Department of Financial Services(DFS), (Insurance, FinTech) ,Ministry of Finance(MoF), has resigned from the post.
It is reliably learnt from the MoF sources that Mishra, who had joined the government in September 2019 from the private sector, as part of Modi government’s new experiment on involving private sector professionals as joint secretaries in running various ministries, has put in his papers a few days back.
Though, Mishra will be relieved on Apr 30, it is immediately not known whether a bureaucrat from the government or another private sector professional will replace him in the DFS which is headed by secretary Vivek Joshi.
Suchindra Misra is additional secretary(Insurance) in DFS.
Mishra, after initial three of services with DFS, had received another three years of extension from the government in 2022.
Though, Mishra’s next career move is not yet known, it is rumoured that he may be appointed as member (Life) in the IRDA.
The post had fallen vacant after K Ganesh had retired from the post in June 2022 and IRDAI chairman Debasish Panda is keen to have one of the private sector professionals for the job.
Mishra had earlier worked with HDFC Life.
“In these 3+ years, I have led some path-breaking reforms in the sector, including raising Insurance FDI limits to 74%, managing the biggest-ever IPO of the country (LIC), enabling disinvestment in PSU general insurers, driving KPIs-linked profitable growth, post capital infusion and drafting Insurance Bill,2022 comprising a range of structural reforms (currently put up for public consultation). Besides, I am also serving as CTO & CISO for DFS, managing all matters of FinTech and Cyber Security,” says Mishra in his Linkedin profile.
The restructuring of four PSU general insurance companies are now facing opposition from the employee unions, which have taken to agitation, particularly on the issues of “performance linked future wage revision’’ and closure of branches.
Mishra also serves as government’s representative at Insurance Advisory Council, IRDAI, Health Insurance Forum, IRDAI, Council of Insurance Ombudsman, National Insurance Academy, Institute of Actuaries of India and Inter-Ministerial Steering Committee on FinTech and sits on the board of National Insurance Company
Government needs right kind of professionals for policy making and implementing them,
Government needs experts to deliver
PSU general insurance companies need proper directions from the government
Even ministries of government of India call the experts from private sector for the betterment of their undertakings. Why not head of a company should be a ,professional, MBA finance and ins even PhD in the field of commerce and business, who seriously think about the loopholes and find out the problem and the solutions
I have never seen any growth of PSU general insurers during his tenure, rather if the private sector companies have only grown. then what kind leadership he was providing to PSU general insurers? Then, What is the use of lateral entry into the government services?
Fully agree. The DFS JS must be a more competent person with better knowledge of insurance administrations. Mishra made the PSU officers and Chiefs defunct with odd behavior. PSU Insurers suffered and poor results seen with Mishra as the Steward.
You are right! If he was the person responsible to ensure better performance of PSU general Insurance Companies – the Government must make him accountable for the steady loss of market share of PSU Non life Insurance Cos during his tenure. Similarly, persons/ officials involved in the fiasco of IPOs of GIC, New India and their current mkt capitalised value and the LIC’s share pricing in its IPO must be investigated and responsibility fixed!!
The underlying issue is that public sector insurance companies executives are sidelined by present govt and it shows explicitly that there is a lack of trust by govt on senior executives of Life Insurance Corporation(LIC). But the point not to be missed are that it’s the only public sector which still had retained more than 50% of mkt share inspite of repeated interference from govt and IRDA which many often goes out of way to favour pvt companies and all these can’t be ignored.
Thus, to conclude perhaps this govt doesn’t respect competency of public sector executives either due to it’s paranoid approach or for some hidden agenda.
Any man who belongs to skilled knowledge regarding Insurance sector nonlife and life should appointed for betterment of all insurance companies