New Delhi: Life Insurance Corporation of India (LIC) has appointed five Independent Directors to its Board for a four-year term, effective October 7, 2026, subject to approval of the Members and applicable regulatory requirements.
The LIC Board, at its meeting held on October 7, approved the appointments based on the recommendations of the Nomination and Remuneration Committee.
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The newly appointed Independent Directors are Shailesh Kumar Singh, David Paul Rasquinha, Shyam Srinivasan, Ganesh Kumar Sundara Iyer and Gaurav Kumar.
Shailesh Kumar Singh, a retired 1991-batch Indian Administrative Service officer of the Jharkhand cadre, last served as Secretary, Rural Development, Government of India. During his tenure, he was involved in policy formulation and implementation of major government programmes, including the Pradhan Mantri Gram Sadak Yojana, Pradhan Mantri Awas Yojana-Gramin and Deendayal Antyodaya Yojana-National Rural Livelihoods Mission. He has around 35 years of leadership experience in the IAS, with expertise spanning infrastructure, energy, industry, MSMEs, urban development, information technology and rural development.
David Paul Rasquinha is a former Managing Director and Chief Executive Officer of Export-Import Bank of India (Exim Bank), with over three decades of experience in export credit, international finance and cross-border project financing. He also served on the Reserve Bank of India's Advisory Board on Banking and Financial Frauds. His professional experience includes international fundraising, project finance and financial-sector development, including oversight of nearly USD 10 billion in foreign currency debt issuance between 2012 and 2021.
Shyam Srinivasan is a banking and financial services professional with more than three decades of experience in strategy, organisational leadership, business transformation, governance and risk oversight. He served as Managing Director and Chief Executive Officer of Federal Bank from 2010 to 2024. During his tenure, the bank expanded its national presence and strengthened its technology capabilities.
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Ganesh Kumar Sundara Iyer, former Executive Director of the Reserve Bank of India, brings over three decades of experience in central banking, payment and settlement systems, information technology, cybersecurity and financial market infrastructure. He played a key role in the development and introduction of several technology-driven payment systems, including Real Time Gross Settlement (RTGS), electronic retail payment systems, NEFT and UPI. He was also instrumental in the establishment of the National Payments Corporation of India (NPCI) and other technology and cybersecurity initiatives in the financial sector.
Gaurav Kumar is a fintech entrepreneur with more than 20 years of experience in India's banking and financial technology markets. He is the Founder and CEO of Yubi Group, which he established in 2020 to build technology infrastructure for banking and fixed-income markets. He previously co-founded Vivriti Capital and Vivriti Asset Management and was also associated with the development of Northern Arc Capital.
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