Cabinet approves Siddhartha Mohanty's appointment as LIC MD till June 2023

Siddhartha Mohanty.

The Appointment Committee of the Cabinet on January 19 approved the Department of Financial Services' proposal to appoint Siddhartha Mohanty as Managing Director of Life Insurance Corporation of India.

The new decision will be effective from the date of assumption of the charge of post by Mohanty or after February 1, 2021. Mohanty has been appointed for a tenure of over two years till June 30, 2023 or until his superannuation, informed the Cabinet.

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Following the issue of the notification, the ACC sent the order to Department of Financial Services for necessary action.

Prior to being appointed as LIC MD, Mohanty was working as Chief Executive Officer in the company. He will be replacing TC Suseel Kumar as LIC MD who will be retiring on January 31, 2021.