The five cadidates are-V Rama Mathew, member, Central Board of Indirect Taxes and Customs, Lalit Chandel MD, Andhra Pradesh General Insurance Corporation, PC Kandhpal, former DMD SBI, RK Sinha, MD,SBI Capital Markets, AS Pardha Saradhi, ED , National Mineral Development Corporation
The race for the post of Member (Finance and Investment), Irdai, has hot up as five heavyweight candidates from different backgrounds have been interviewed by a panel, Financial Sector Regulatory Appointment Search Committee( FSRASC), headed by cabinet secretary Rajiv Gauba on Monday in New Delhi.
The post has fallen vacant after Rakesh Joshi, who had played a key role in shaping the game changing ideas like Bima Trinity(consisting of Bima Sugam,Bima Vistaar and Bima Vaahaks), retired on Dec 2 after reaching 62.
The five candidates are- V Rama Mathew, (Indian Revenue Service), member & special secretary to Government of India, Central Board of Indirect Taxes and Customs, Lalit Chandel (Indian Economic Service), who is on deputation from Ministry of Finance to Andhra Pradesh Government and currently posted as managing director with Andhra Pradesh General Insurance Corporation, PC Kandhpal, former deputy managing director, State Bank of India and former MD&CEO of SBI General, RK Sinha, MD,SBI Capital Markets, the investment banking unit of SBI, AS Pardha Saradhi, executive director and company secretary, National Mineral Development Corporation(NMDC) based in Hyderabad.
The senior most among the candidates in bureaucratic hierarchy is Mathew, who will be retiring this months end. This is perhaps for the first time an official in the rank of special secretary, Government of India, is appearing for the interview for member, Irdai.
Government sources point out that 40 candidates had applied for the job but FSRASC had shortlisted only five for the final interview.
Besides the Cabinet Secretary, other members of FSRASC to select a name for member Irdai include Debasish Panda, chairman, IRDAI, Vivek Joshi, secretary, Department of Financial Services, and two independent members.
With the recommendation of FSRASC, one of the names out of the five will be sent to ministry of finance that further will seek the final approval of the Appointment Committee of Cabinet(ACC) headed by the Prime Minister Modi.
Though, the governed had advertised for another post of member(Actuary) of Irdai along with member(F&I), it is yet to be known whether a similar interview will happen for the post in the future as it is reliably learnt that the incumbent PK Arora will get another extension as he is just 58.
A member can serve up to 62 and gets a package of around Rs 4 lakhs per month without housing and vehicle.