The government has extended the term of Life Insurance Corporation of India Chairman, M.R. Kumar, by nine months until March next year. Kumar’s term was set to end on June 30.
“The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for extension of the term of MR Kumar as Chairman LIC beyond his currently notified term, which expires on June 30, 2021, till March 13, 2022, that is the date he completes three years as the Chairman, or until further orders, whichever is earlier,” said an order of the Appointments Committee of Cabinet.
Kumar’s extension comes amidst the government planning to launch LIC’s initial public offering this fiscal.