New Delhi: The government on Friday appointed former financial services secretary Debasish Panda As the Chairman of Insurance Regulatory and Development Authority of India (irdai,
Sources said the Appointments Committee of the Cabinet has approved the appointment of Panda as the chairman of the insurance regulator initially for a period of three years from the date of taking over.
Panda, a 1987 batch IAS officer of Uttar Pradesh cadre, retired as the Financial Services Secretary in January this year after a two-year stint.
The appointment of the Irdai chairman comes almost nine months after the vacancy was created after the completion of Subhash Chandra Khuntia’s tenure in May last year.
In April 2021, the Finance Ministry had sought applications for replacement of pegs.
As per the process of appointment of regulators, the names are suggested by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary.
Based on the interaction with the eligible candidates, FSRASC recommends the name to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi for final approval.
Prior to his promotion as Financial Services Secretary, Panda served as Additional Secretary to oversee the Department of Insurance and Financial Inclusion.
He was also a Government Nominee Director on the Board of IRDA and served on the Boards of some Public Sector Banks and Insurance Companies. Panda was also on the board of Reserve Bank of India (RBI).
During his tenure in Uttar Pradesh, he was the Principal Secretary, Home and Agriculture and Cooperation, Resident Commissioner and CEO, Greater Noida Authority.
Panda also served as Joint Secretary in the Ministry of Health and Family Welfare and Deputy Director (Administration) of All India Institute of Medical Sciences (AIIMS), New Delhi.
IRDA is entrusted with the task of providing long-term funds to protect the interests of the insurance policyholders and bring about accelerated and orderly growth of the insurance industry (including annuity and retirement payments) and accelerate the growth for the benefit of the common man. Economy
It helps to promote fairness, transparency and orderly conduct in financial markets related to insurance and builds a credible management information system to enforce high standards of financial soundness among market players.
Sources said the Appointments Committee of the Cabinet has approved the appointment of Panda as the chairman of the insurance regulator initially for a period of three years from the date of taking over.
Panda, a 1987 batch IAS officer of Uttar Pradesh cadre, retired as the Financial Services Secretary in January this year after a two-year stint.
The appointment of the Irdai chairman comes almost nine months after the vacancy was created after the completion of Subhash Chandra Khuntia’s tenure in May last year.
In April 2021, the Finance Ministry had sought applications for replacement of pegs.
As per the process of appointment of regulators, the names are suggested by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary.
Based on the interaction with the eligible candidates, FSRASC recommends the name to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi for final approval.
Prior to his promotion as Financial Services Secretary, Panda served as Additional Secretary to oversee the Department of Insurance and Financial Inclusion.
He was also a Government Nominee Director on the Board of IRDA and served on the Boards of some Public Sector Banks and Insurance Companies. Panda was also on the board of Reserve Bank of India (RBI).
During his tenure in Uttar Pradesh, he was the Principal Secretary, Home and Agriculture and Cooperation, Resident Commissioner and CEO, Greater Noida Authority.
Panda also served as Joint Secretary in the Ministry of Health and Family Welfare and Deputy Director (Administration) of All India Institute of Medical Sciences (AIIMS), New Delhi.
IRDA is entrusted with the task of providing long-term funds to protect the interests of the insurance policyholders and bring about accelerated and orderly growth of the insurance industry (including annuity and retirement payments) and accelerate the growth for the benefit of the common man. Economy
It helps to promote fairness, transparency and orderly conduct in financial markets related to insurance and builds a credible management information system to enforce high standards of financial soundness among market players.