With the model code of conduct in force due to Lok Sabha elections 2019, the government is likely to delay the recruitment process, mostly in all financial regulatory bodies such as Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) and some key public sector financial institutions as well.
According to a top finance ministry source, “It is also expected that the recruitment process may be delayed for couple of months from now.”
As far as the current IRDAI vacancies are concerned, many are yet to be filled by the government, but they have not been announced so far. For instance, there has been no announcement of replacement of Nilesh Sathe, current member (life) at IRDAI, who will retire on April 30 this year.
“Even the process of interviewing candidates has not started so far to replace Sathe. Not to mention, late last year the government had simultaneously advertised for both the posts — member (life) and member (non-life). But it has not yet started the process for appointment of eligible person for member life,” the source said, adding that the post of member (non-life) has been lying vacant since the retirement of P.J. Joseph on January 11, 2019.
Yet another example of delaying appointment is that of T.L. Alumelu, Chairman and MD, Agriculture Insurance Company, who has already been appointed as a whole-time member of IRDAI. But she is yet to assume her new office. As of now, member (distribution), Sujay Banerjee has been given additional charge as member (non-life).
When asked about her assuming charge, Alumelu declined to comment. However, the source said that it may be delayed further.
Besides, the position for PFRDA Chief has been pending for some time. However, the government reportedly will start the selection process of a new Chairman for the pension fund regulator to succeed its Chief, Hemant G Contractor, whose term also ends on April 30. It is also expected that the new Chairman will be appointed post 2019 polls.
Despite recently having a new Chairman and two MDs the country’s largest life insurer, LIC is unlikely to get the remaining senior top management positions, which may be vacated soon after the concerned officials’ retirement.
As far as current vacancies are concerned, there have been some top positions to be vacated shortly at the LIC. Though Vipin Anand, who was heading the Western zone until sometime back, assumed his new office on April 1 as the replacement of its MD Sunita Sharma who retired in March 31, two other MDs' posts will be vacated soon— B Venugopal and Hemant Bhargava who will step down on May 31 and July 31 respectively.
