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 appointments were approved by the LIC Board at its meeting held on October 7, 2026, based on the recommendations of the Nomination and Remuneration Committee.
The newly appointed Independent Directors are Shailesh Kumar Singh, David Paul Rasquinha, Shyam Srinivasan, Ganesh Kumar Sundara Iyer and Gaurav Kumar.
Five New Independent Directors Join LIC Board
The appointments bring together professionals with experience across public administration, banking, international finance, central banking, financial technology and corporate leadership.
The newly appointed directors are:
- Shailesh Kumar Singh – Former Secretary, Rural Development, Government of India
- David Paul Rasquinha – Former Managing Director and CEO, Export-Import Bank of India (Exim Bank)
- Shyam Srinivasan – Former Managing Director and CEO, Federal Bank
- Ganesh Kumar Sundara Iyer – Former Executive Director, Reserve Bank of India
- Gaurav Kumar – Founder and CEO, Yubi Group
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Shailesh Kumar Singh Brings 35 Years of IAS Experience
Shailesh Kumar Singh is a retired 1991-batch Indian Administrative Service (IAS) officer of the Jharkhand cadre. He last served as Secretary, Rural Development, Government of India.
During his career, he was involved in the formulation and implementation of several major government programmes, including:
- Pradhan Mantri Gram Sadak Yojana
- Pradhan Mantri Awas Yojana-Gramin
- Deendayal Antyodaya Yojana-National Rural Livelihoods Mission
He has around 35 years of leadership experience in the IAS, with expertise covering infrastructure, energy, industry, MSMEs, urban development, information technology and rural development.
David Paul Rasquinha Brings International Finance Expertise
David Paul Rasquinha is a former Managing Director and Chief Executive Officer of Export-Import Bank of India (Exim Bank).
With more than three decades of experience, his expertise includes export credit, international finance and cross-border project financing.
He has 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. Between 2012 and 2021, he was involved in the oversight of nearly USD 10 billion in foreign currency debt issuance.
Shyam Srinivasan Adds Banking and Leadership Experience
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.
Ganesh Kumar Sundara Iyer Brings Payment Systems Expertise
Ganesh Kumar Sundara Iyer, former Executive Director of the Reserve Bank of India (RBI), has more than 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
- National Electronic Funds Transfer (NEFT)
- Unified Payments Interface (UPI)
He was also involved in the establishment of the National Payments Corporation of India (NPCI) and several technology and cybersecurity initiatives in the financial sector.
Gaurav Kumar Brings Fintech and Banking Technology Experience
Gaurav Kumar is a fintech entrepreneur with more than 20 years of experience in India’s banking and financial technology sectors.
He is the Founder and CEO of Yubi Group, which he established in 2020 to build technology infrastructure for banking and fixed-income markets.
Before founding Yubi Group, he co-founded Vivriti Capital and Vivriti Asset Management and was also associated with the development of Northern Arc Capital.
LIC Board Gets Diverse Expertise
The appointments bring together expertise across regulatory oversight, public administration, banking, international finance, payment systems, cybersecurity and financial technology.
The diverse professional backgrounds of the five Independent Directors are expected to add experience in areas relevant to governance, financial services and technology-led transformation at LIC.
About Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) is India’s largest life insurance company and a public sector insurer. Established in 1956, LIC offers a range of life insurance and investment-linked products and has a nationwide presence serving millions of policyholders.
Read also: LIC Q1 FY27 Results: Profit Rises 23% to ₹13,492 Crore, Value of New Business Surges 61%
