Life Insurance Corporation of India is reshaping its board with the appointment of five independent directors, underscoring a deliberate push to broaden governance depth and strategic perspectives. In a meeting held on October 7, 2026, LIC approved the appointment of Shailesh Kumar Singh, David Paul Rasquinha, Shyam Srinivasan, Ganesh Kumar Sundara Iyer, and Gaurav Kumar as Independent Directors for a four-year term, subject to the approval of Members. The move positions LIC to draw on a spectrum of policy, finance, and technology leadership as it navigates a rapidly evolving insurance and financial-services landscape.
Shailesh Kumar Singh arrives with a long public-service arc as an Indian Administrative Service veteran, with his last assignment as Secretary, Rural Development, Government of India. His governance experience spans flagship programmes such as PMGSY and PMAYG, along with leadership roles across urban development, energy, and infrastructure—a profile that could sharpen LIC’s policy implementation and developmental-outcomes focus.
David Paul Rasquinha brings international financial-sector heft, having led Export-Import Bank of India as Managing Director and CEO. His track record spans export credit, cross-border project finance, and global fundraising, and he currently serves on multiple boards, bringing a global perspective to LIC’s governance conversations.
Shyam Srinivasan, the former Managing Director & Chief Executive Officer of Federal Bank, adds a private-sector banking and technology lens, with a career anchored in strategy, risk oversight, and digital transformation. Ganesh Kumar Sundara Iyer, formerly Executive Director at the Reserve Bank of India, contributes deep central-banking, payments systems, and cyber-security expertise. Finally, Gaurav Kumar, a serial fintech entrepreneur and founder of Yubi Group, extends LIC’s boardroom insights into debt markets infrastructure and scalable fintech platforms that underpin modern finance.