Government appoints former financial services secretary Debasish Panda as head of IRDAI

The government on Friday appointed former financial services secretary Debasish Panda as chairman of the Insurance Regulatory and Development Authority of India (IRDAI).

The Cabinet Appointments Committee has approved Panda’s appointment as chairman of the insurance regulator initially for a period of three years from taking charge, sources said.

Panda, a 1987 IAS officer from Uttar Pradesh cadre, retired as Financial Services Secretary in January this year after a two-year stint.

The appointment of IRDAI President comes nearly 9 months after the vacancy was created after Subhash Chandra Khuntia completed his term in May last year.

In April 2021, the Ministry of Finance launched a call for candidates to replace Khuntia.

In accordance with the procedure for appointing regulators, the name is proposed by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Secretary to the Cabinet.

Based on interaction with eligible candidates, the FSRASC recommends the name to the Cabinet Nominations Committee, headed by Prime Minister Narendra Modi, for final approval.

Prior to being named Financial Services Secretary, Panda served as an additional secretary in charge of the insurance and financial inclusion division.

He was also a government-appointed director on the board of IRDAI and served on the boards of some public sector banks and insurance companies. Panda was also a board member of the Reserve Bank of India (RBI).

While in Uttar Pradesh, he served as Principal Secretary, Home and Agriculture and Cooperation, Resident Commissioner and CEO of Greater Noida Authority.

Panda has also served as Joint Secretary, Ministry of Health and Family Welfare and Deputy Director (Administration), All India Institute of Medical Sciences (AIIMS), New Delhi.

IRDAI is charged with protecting the interests of policyholders and ensuring the rapid and orderly growth of the insurance industry (including annuity and retirement payments), for the benefit of the common man and providing long-term funds to accelerate the growth of the economy.

It also helps to promote fairness, transparency and orderly conduct in financial markets dealing with insurance and to build a reliable management information system to enforce high standards of financial soundness among market participants.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Comments are closed.