Money & Banking

BBB recommends two names for forthcoming two LIC MD posts

Our Bureau New Delhi | Updated on May 09, 2021

File photo   -  KSL

Government looking take LIC public through mega IPO

The Banks Board Bureau (BBB), an apex body tasked to recommend candidates for the top management posts in public sector banks and state owned insurers, has recommended two names for the forthcoming two positions of Managing Director in insurance behemoth Life Insurance Corporation (LIC).

While Ipe Mini has been recommended for the first vacancy of Managing Director of LIC, the BBB has recommended B C Patnaik for the second vacancy of Managing Director in LIC.

Meanwhile, the Finance Ministry is yet to approach the Appointments Committee of the Cabinet (ACC) on the issue of recommending an extension in the tenure of the incumbent LIC Chairman M R Kumar. Although it is widely speculated that Government is bringing changes in the eligibility and experience criteria for appointment of LIC Chairman, no such formal proposal has been yet made by the Finance Ministry to the ACC as yet, it is learnt.

Currently, LIC has four Managing Directors --Vipin Anand, Mukesh Kumar Gupta, Raj Kumar and Siddhartha Mohanty. The Government is looking to take LIC public this fiscal through a mega initial public offering ( IPO) and raise about ₹ 1 lakh crore from the divestment.

Other BBB recommendations

The BBB has recommended the name of Inderjeet Singh for the position of Chairman and Managing Director of United India Insurance Company Ltd. Also, BBB has recommended Suchita Gupta for the position of CMD in National Insurance Co Ltd.

BBB had on May 7 interfaced with eight candidates for the forthcoming positions of Chairman-cum-Managing Directors in National Insurance Company Ltd and United India Insurance Company Ltd.

Published on May 09, 2021

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