The government has appointed V K Sharma as the chairman of state-owned Life Insurance Corporation (LIC) for five years. Sharma, who is the managing director of LIC, was acting as chairman since September 16 when the then chairman S K Roy was relieved of his duties.
Watch what else is in the news
“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of VK Sharma, MD, LIC, as chairman, LIC in fixed pay of Rs 80,000 (pre-revised) for a period of five years from the date of notification of his appointment or up to the date of his superannuation, or until further orders,” said an official statement.
Sharma who joined the body as a direct recruit officer in 1981, served as the chief executive of its mortgage subsidiary LIC Housing Finance and zonal manager in charge of the south zone. LIC is the largest financial institution in the country with assets of over Rs 22 lakh crore.
The Ministry of Finance had recently completed the interviews for the post of two managing directors of Life Insurance Corporation and three top posts of public sector general insurance companies — United India Insurance, Oriental Insurance and Agriculture Insurance Company.