INSUBCONTINENT EXCLUSIVE:
Retired bureaucrat Debasish Panda has been appointed as IRDAI chiefNew Delhi: Government has appointed retired IAS officer and former
financial services secretary Debasish Panda as chairman of the Insurance Regulatory and Development Authority of India (IRDAI).The
of three years from the assumption of charge, on Friday.Mr Panda, a 1987-batch IAS officer of the Uttar Pradesh cadre, had retired as
financial services secretary in January this year after a two-year stint.The appointment of IRDAI chairman comes nearly 9 months after the
vacancy was created following Subhash Chandra Khuntia completing his term in May 2021.In April 2021, the finance ministry had invited
applications to replace Mr Khuntia.As per the procedure for the appointment of regulators, the name is suggested by the Financial Sector
Regulatory Appointments Search Committee (FSRASC) headed by the cabinet secretary.Based on interaction with eligible candidates, FSRASC
recommends the name to the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, for its final approval.The
government has also appointed Rakesh Joshi, former executive vice president and group head (Debt Capital Markets), State Bank of India
Capital Markets, as Whole Time Member (Finance and Investment) of IRDAI.IRDAI is responsible for protecting the interest of insurance
policyholders and bringing about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for
the benefit of the common man and to provide long term funds for accelerating growth of the economy.It also helps promote fairness,
transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce
high standards of financial soundness among market players.IRDAI is a 10-member regulatory body consisting of a chairman, five whole-time
