BBB recommends names of MK Gupta, Raj Kumar for post of MD LIC

The Banks Board Bureau (BBB) has recommended names of Mukesh Kumar Gupta and Raj Kumar for the post of Managing Director of insurance behemoth LIC.

Besides, BBB has suggested names of Devesh Srivastava and Malay Kumar Poddar for the post of Chairman and Managing Director in General Insurance Corporation of India (GIC) and Agriculture Insurance Company of India, respectively. The interviews for the posts were held on Tuesday.

In addition to Chairman, LIC has four Managing Directors. The recruitment drive is against the vacancy created by retirement of B Venugopal and Hemant Bhargava in May and July, respectively. Seven officials appeared for the interview for the two posts in LIC, BBB said in a statement.

For the top position in the two public sector general insurance, seven candidates were shortlisted.

The Banks Board Bureau is headed by former Department of Personnel and Training Secretary BP Sharma.

The decision on the appointment will be taken by Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

With this, BBB has completed the exercise of selecting suitable candidates for top-level vacancy in the public sector insurance companies for the current fiscal.

The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs). It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development.

Besides, it was asked to frame strategy discussion on consolidation based on the requirement. The government wanted to encourage bank boards to restructure their business strategy and also suggest ways for their consolidation and merger with other banks.