The Financial Services Institutions Bureau (FSIB) has recommended the appointment of five senior professionals as Executive Directors (ED) in three prominent public sector insurance companies: Oriental Insurance Company Ltd. (OICL), General Insurance Corporation of India (GIC Re), and Agriculture Insurance Company of India Ltd. (AICIL).
The selections were made following interactions with 16 shortlisted candidates on May 14 and 16, 2025.
The recommended candidates and their respective appointments are:
- Anjana Saxena – ED at OICL, effective April 1, 2025
- Amandeep Singh Grover – ED at OICL, effective July 1, 2025
- Jayashri Balkrishna – ED at GIC-Re, effective July 1, 2025
- Sanjay Lalla – ED at AICIL, effective July 1, 2025
- Mini George – ED at AICIL, effective July 1, 2025
The FSIB, which functions under the Department of Financial Services, Ministry of Finance, plays a key role in selecting top-level appointments in public sector financial institutions. These appointments are subject to approval by the Appointments Committee of the Cabinet (ACC).
About FSIB
The Financial Services Institutions Bureau (FSIB), established on July 1, 2022, is a key body under India’s Ministry of Finance responsible for selecting and recommending top-level appointments in public sector banks, insurance companies, and financial institutions. Replacing the Banks Board Bureau (BBB), the FSIB aims to enhance governance, transparency, and meritocracy in the leadership of public financial institutions. Its mandate includes identifying suitable candidates for roles such as Chairpersons, Managing Directors, and CEOs, advising on performance evaluation, and supporting succession planning. By fostering professionalism and strategic leadership, the FSIB plays a crucial role in strengthening the operational efficiency and long-term stability of India’s public financial sector.
