V R Iyer, who retired as Chairperson and Managing Director of Bank of India, has been appointed as Member (Finance) of the Insurance Regulatory and Development Authority of India (IRDAI).
"The appointment letter has already been issued by the Ministry of Finance for Iyer's appointment as member, finance, IRDAI as on May 29 itself," sources said, adding that "her tenure at IRDAI will be for two years."
Iyer is likely to assume her new assignment at IRDAI within a week's time, they added.
The post was lying vacant after R K Nair retired on March 17.
This is the first time that a former CMD of a public sector bank has been appointed as the member of IRDAI.
Earlier, the post was held by senior bankers at the level of executive director or chief general manager of Reserve Bank of India.
Among others who had appeared for the interview include Exim Bank's Executive Director and former Chairman and Managing Director of Export Credit Guarantee Corporation (ECGC), N Shankar and Reserve Bank of India Executive Director K K Vohra.
Two more posts of members, life and non-life, are still lying vacant in IRDAI.
Though the interview for both the posts have already been conducted, the Centre is yet to finalise the names.
Nine short-listed senior general managers and CMD of Agriculture Insurance Corporation, P J Joseph, out of over 30 senior officials, including a couple of CMDs, were interviewed for the post of member, non-life that fell vacant after M Ramaprasad retired in April.
