Showing posts with label BANKING INDUSTRY. Show all posts
Showing posts with label BANKING INDUSTRY. Show all posts

Friday, January 10, 2014

Usha Sangwan appointed first woman managing director of LIC

Usa Sangwan

Usha Sangwan was appointed as the first woman managing director of the Life Insurance Corporation of India (LIC) by the Government.
She is the first woman director of LIC in its near six decades of existence.
With this appointment, LIC is set to function at its full strength of four MDs after almost two years. These would be S B Mainak, Sushobhan Sarkar, Sangwan and V K Sharma.
About Usha Sangwan :
Sangwan joined LIC in 1981 as a direct recruit. She holds a master’s degree in economics and a post-graduate diploma in human resource management.
About LIC:
LIC is India’s largest insurer, with 83 per cent market share in terms of the number of policies, and 71 per cent in premium.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the
general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.

Sunday, October 6, 2013

Governors of Reserve Bank of India


Governors of Reserve Bank of India
1. Sir Osborne Smith 1 April 1935 – 30 June 1937
2. Sir James Braid Taylor 1 July 1937 – 17 February 1943
3. Sir C. D. Deshmukh 11 August 1943 – 30 June 1949
4. Sir Benegal Rama Rau 1 July 1949 – 14 January 1957
5. K. G. Ambegaonkar 14 January 1957 – 28 February 1957
6. H. V. R. Iyengar 1 March 1957 – 28 February 1962
7. P. C. Bhattacharya 1 March 1962 – 30 June 1967
8. L. K. Jha 1 July 1967 – 3 May 1970(data by facebook/cnaonweb
9. B. N. Adarkar 4 May 1970 – 15 June 1970
10. S. Jagannathan 16 June 1970 – 19 May 1975
11. N. C. Sen Gupta 19 May 1975 – 19 August 1975
12. K. R. Puri 20 August 1975 – 2 May 1977 (data by facebook/cnaonweb
13. M. Narasimham 2 May 1977 – 30 November 1977
14. Dr. I. G. Patel 1 December 1977 – 15 September 1982
15. Dr. Manmohan Singh 16 September 1982 – 14 January 1985
16. A. Ghosh 15 January 1985 – 4 February 1985(data by facebook/cnaonweb
17. R. N. Malhotra 4 February 1985 – 22 December 1990
18. S. Venkitaramanan 22 December 1990 – 21 December 1992
19. Dr. C. Rangarajan 22 December 1992 – 21 November 1997
20. Dr. Bimal Jalan 22 November 1997 – 6 September 2003 (data by facebook/cnaonweb
21. Dr. Y. Venugopal Reddy 6 September 2003 – 5 September 2008
22. Dr. Duvvuri Subbarao 5 September 2008 – 4 September 2013
23. Dr. Raghuram G. Rajan 4 Sepatember—