LIC Chairman

LIC Chairman

The government is believed to have given additional charge of LIC Chairman to Rakesh Singh , an Additional Secretary in Department of Financial Services.

Notification in this regard is expected soon, sources said.

It is to be noted that the incumbent (LIC Chairman) T S Vijayan's five-year term ended though he still has two years to superannuate. Vijayan failed to get an extension from the government, which owns 100 per cent in the life insurance firm.

As per the government norms, Chairman and Managing Director or Director are appointed in the public sector entity for a period of five years or up to age of 60, whichever is earlier.

Singh, a 1978 batch officer of the Indian Administrative Service , is also having additional charge of Nabard Chairman. The government is yet to appoint full time Chairman in Nabard after U C Sarangi demited offices last year.

The government has already constituted a committee headed by Department of Economic Affairs Secretary R Gopalan and comprising of Financial Services Secretary Shashi Kant Sharma to select new full-time Chairman for the LIC, the largest insurance firm in the country.

The corporation, which manages assets of about Rs 12 lakh crore, has three managing directors -D K Mehrotra, Thomas Mathew and A K Dasgupta.

LIC Chairman