The Banks Board Bureau, the head haunting agency for selecting Chairmen,CEOs and MDs of public sector banks and insurance companies,on Friday, has chosen Ipe Mini and B.C. Patnaik as managing directors of the Life Insurance Corporation which will have two vacancies of  MD in the next five months.

Mini will be succeeeding Vipin Anand,MD, who will be retiring in July end while Pattanaik will joining in place of Mukesh Gupta, who will be calling it a day in September end.

“The Board of the Bureau interfaced with six candidates on Friday for the forthcoming two positions of managing director in LIC and keeping in view their performance in the interface and their overall experience, Mini and Patnaik have been selected,” said BBB on Friday late evening.

Dinesh K Bhagat and Parkash Chand have been kept as the reserve candidates for these posts of MD..

On the basis of BBB recommendations, ministry of finance(MoF) will process the papers of Mini and Pattnaik for seeking the approvals of Appointments Committee of Cabinet(ACC) that may take another two to three months before the final appointment letters for two officials are issued..  

LIC currently has four posts MD.

Siddhartha Mohanty had joined as one of the MDs in Februry.

Raj Kumar another MD will be retiring in Feb 2022.     

Though, the post of the LIC chairman will fall vacant after MR Kumar retires in June end, the MoF is yet to initiate the process of shortlisting candidates for the post.

According to the sources there are some technicalities need to be sorted out before shortlisting candidates for the post of LIC chairman.

“Mattter has been referred to the ACC , headed by Prime Minister, for the necessary guidance,” said MoF sources.

Mohanty along with Mini and Patnaik will be eligible for the selection of chairmanship of the corporation.

Mohanty will be the senior most MD among the new MDs and government has always preferred seniority as the main criteria for appointing a chairman at LIC in recent times.