LIC is a government-owned enterprise. The appointments are effective from 7 October. The inductions come as financial institutions face growing demands for stronger governance, technological modernisation, cybersecurity, and risk management.

Officials said the new Directors include a former Secretary to the Government of India, an ex-Exim Bank chief, a veteran private-sector banker, a former Reserve Bank of India (RBI) executive director and a fintech entrepreneur.

The appointments, however, are subject to members’ approval and regulatory requirements. 

A Wide Range

Shailesh Kumar Singh, a retired 1991-batch IAS officer of the Jharkhand cadre, brings nearly 35 years of administrative experience, having last served as Secretary in the Union Ministry of Rural Development. 

His experience covers rural infrastructure, housing, livelihoods, energy, industry, micro, small, and medium enterprises (MSMEs), urban development, and information technology.

As Rural Development Secretary, Singh was associated with the implementation and policy framework of major government programmes, including the Pradhan Mantri Gram Sadak Yojana, Pradhan Mantri Awas Yojana-Gramin and Deendayal Antyodaya Yojana-National Rural Livelihoods Mission. His administrative background adds a public policy and programme-delivery perspective to the LIC board.

David Paul Rasquinha, former Managing Director and Chief Executive Officer of Export-Import Bank of India, brings over three decades of experience in export credit, international finance and cross-border project financing. He also served on RBI’s Advisory Board on Banking and Financial Frauds.

His experience includes international fundraising, project finance and financial-sector development, including overseeing nearly US$ 10 billion in foreign-currency debt issuance between 2012 and 2021. His appointment adds expertise in institutional finance, capital mobilisation, and financial risk oversight.

Shyam Srinivasan, who served as Managing Director and CEO of Federal Bank from 2010 to 2024, brings more than three decades of experience in banking leadership, business transformation, strategy and governance. During his tenure, Federal Bank expanded its national presence and strengthened its technology capabilities.

His experience in managing a commercial bank through a period of increasing digitalisation and competition is relevant to LIC as it continues to operate in a rapidly evolving financial services market.

Ganesh Kumar Sundara Iyer, a former executive director of the RBI, brings extensive experience in central banking, payment and settlement systems, information technology, cybersecurity and financial market infrastructure. For more than three decades, he was associated with the development of technology-driven payment systems, including Real Time Gross Settlement, NEFT and UPI, and played a role in initiatives linked to the establishment of the National Payments Corporation of India.

His expertise is particularly relevant as financial institutions seek to strengthen digital infrastructure, operational resilience and protection against technology-related risks.

The fifth appointee, Gaurav Kumar, represents the fintech sector. Founder and CEO of the Yubi Group, established in 2020, he has more than 20 years of experience in banking and financial technology. He previously co-founded Vivriti Capital and Vivriti Asset Management and was associated with the development of Northern Arc Capital.

His experience in building technology platforms for banking and fixed-income markets adds an entrepreneurial and digital-finance perspective to the board.