Change in Director / Key Managerial Personnel

Nature of Change: Appointment of five Independent Directors

Appointment Details:

  • Shri Shailesh Kumar Singh (DIN: 02061623) - Former Indian Administrative Service officer (1991 Batch, Jharkhand Cadre) with last assignment as Secretary, Rural Development, Government of India. Steered policy formulation and implementation of flagship programs including Pradhan Mantri Gram Sadak Yojana, Pradhan Mantri Awas Yojana Gramin, and Deendayal Antyodaya Yojana-National Rural Livelihoods Mission. Previously Development Commissioner, MSME in Government of India. Served as Government Nominee Director on boards of Central Coalfields Limited, Mahanadi Coalfields Limited, Chennai Metro and Kolkata Metro. 35 years of leadership experience in evidence-based policy making, infrastructure, procurement, energy, industry, MSME, information technology, employment, and rural development.
  • Shri David Paul Rasquinha (DIN: 01172654) - Retired Managing Director and Chief Executive Officer of Export-Import Bank of India (Exim Bank) with over three decades in export credit, international finance and cross-border project financing. Post-retirement served on RBI's Advisory Board on Banking and Financial Frauds. Currently Independent Director on boards of Ajanta Pharma, HSBC Trustees, Ion Exchange and associates/subsidiaries, and Unity Small Finance Bank. Interim Independent Director of NeSL Asset Data Ltd. External Expert mediating commercial disputes involving ONGC. Led Exim Bank's international fundraising program overseeing nearly USD 10 billion of foreign currency debt issuance. Postgraduate from XLRI, Jamshedpur with Gold Medal in Economics.
  • Shri Shyam Srinivasan (DIN: 02274773) - Banking and financial services professional with over three decades of experience in strategy, organizational leadership and business transformation. Former Managing Director & Chief Executive Officer of Federal Bank from 2010 to 2024. Experience spans business strategy, risk oversight, stakeholder engagement and digital initiatives, working with boards, regulators, investors and policymakers.
  • Shri Ganesh Kumar Sundara Iyer (DIN: 07635860) - Former Executive Director of Reserve Bank of India with over three decades of experience in central banking, payment and settlement systems, information technology, cyber security and financial market structure. Played key role in digitisation of tax receipts for Central Board of Direct Taxes and GST implementation for Government of India. Pioneered introduction of electronic movement of funds, Real Time Gross Settlement, Cheque Truncation, Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), and digital wallets. Instrumental in setting up National Payments Corporation of India (NPCI), Indian Financial Technology and Allied Services (IFTAS), and Reserve Bank Information Technology Limited. Co-Chair of Financial Innovation Network under Financial Stability Board of BIS. Currently on board of IDFC First Bank and CDSL.
  • Shri Gaurav Kumar (DIN: 07767248) - Serial fintech entrepreneur with over 20 years of experience in India's banking and financial-technology markets. Founder & CEO of Yubi Group established in 2020 to build banking and fixed-income technology infrastructure. Previously co-founded Vivriti Capital (2017) and Vivriti Asset Management (2019). Founding member and former CEO of Northern Arc Investment Adviser Services.

Effective Date & Term: All appointments effective from October 07, 2026 for a term of four years, subject to approval of Members as per regulatory requirements.

Eligibility & Compliance: All appointees confirmed not debarred from holding director position by virtue of any SEBI order or any other authority. None related to any other Director(s) of the Corporation.

Approval Process: Based on recommendations of Nomination & Remuneration Committee and approved by Board of Directors in meeting held on October 07, 2026 from 03:00 p.m. to 03:55 p.m. (IST).

Regulatory Reference: Appointment made in terms of Section 4(2)(g) of Life Insurance Corporation Act, 1956, read with rules made thereunder, as amended. Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.