Life Insurance Corporation of India (LIC), the country's largest life insurance company, is preparing for a massive change next year. It is reported that its current chairman may go to Irdai. Whereas its current MD can be made the chairman of the company. The asset size of LIC is Rs 32 lakh crore.
IRDAI chairman's post is vacant since May
The post of chairman of insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) is vacant since May. Its chairman Subhash Chandra Khuntia retired in May. Applications were invited in April even before his retirement. A monthly salary of Rs 4.5 lakh is given for this post. However, even after 8 months, the government did not take any decision on this. Whereas more than 20 officers have applied for this.
MR Kumar also in race
Among those who applied was LIC Chairman MR Kumar himself, who was about to retire from LIC in June, but the government had given him an extension. His tenure was extended for 9 months and then with that order was issued for him to remain in this post till the age of 62 years. His nine-month term will end on March 13.
Now the post can be filled
According to sources, preparations can be made to fill the post lying vacant for so long and M.R. Kumar is its main contender. Prior to this, LIC Chairman TS Vijayan has also been the chairman of Irdai. LIC MD Rajkumar is going to retire in January itself. He is currently the senior most among its four MDs. This time Mini Ip, Rajkumar, SK Mohanty and B.C. Patnaik is. Dinesh Bhagat will become MD in January or February, because at that time the post of MD will be vacant.
Rajkumar can be chairman
Now if Kumar goes to Irdai, then Rajkumar can be made LIC chairman directly. Because the tenure of the chairman is now 62 years and the prince still has two years left. Also Rajkumar is looking at LIC's IPO which will come during January to March. This is the biggest issue in the country.
Wrong message among policyholders
A wrong message has been sent to the policyholders and the industry as the post of Chairman, Irdai has been vacant for 8 months. The insurance industry believes that as the government has given service extension officers in banking and other sectors, it should have been given in Irdai or a new appointment should have been made immediately, because the head of a sector regulator should have 8 months. Till now the vacancy is not correct.
The size of traditional policies of life insurance companies is Rs 26.19 lakh crore while the size of annuity is Rs 9 lakh crore. Therefore, the vacancy of the regulator of such a large sector is a matter of concern.
10 EDs of banks got extension of service
However, on the contrary, in the same year, the government gave extension to at least 10 officers of banks. First, the governor of the Reserve Bank (RBI), the regulator of the banking sector, got a 3-year extension. Prior to that, the chairman of the market and mutual fund regulator SEBI got an extension. The chairman of the country's largest bank SBI also got extension, after which Rajnish Kumar retired.
Extension of MD of three banks
Apart from these, in August, the Appointments Committee of the Cabinet (ACC) had approved the extension of the tenure of MDs and CEOs of three banks. Along with this, the tenure of 10 Executive Directors (EDs) of banks was also extended. Among the MDs whose tenure was extended, SS Mallikarjuna of Punjab National Bank was extended till 31 January 2022. The tenure of UCO Bank MD Atul Goyal and Bank of Maharashtra MD AS Rajeev has been extended by 2 years.
The tenure of ED of Bank of Baroda, Canara Bank and Bank of India has also been extended. With these, the tenure of EDs of many banks including Punjab National Bank, Union Bank Indian Bank, Central Bank were extended.
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