Satpal Bhanoo has been appointed as the new Managing Director of Life Insurance Corporation of India (LIC). He will be taking over the reins from the incumbent Chairperson Siddhartha Mohanty, who was appointed to the post in April. The central government on Wednesday (19.07.2023) issued a notification announcing the appointment of Mr. Bhanoo to the post with effect from the date of assumption of charge of office and upto the date of his superannuation i.e. 31.12.2025, or until further orders, whichever is earlier.
Satpal Bhanoo is currently serving as the Additional Zonal Manager (In-charge) at the Zonal Office of LIC in Bhopal.
The financial services institutions bureau had in June interacted with 7 candidates for the positions of managing directors in LIC and recommended the names of Sat Pal Bhanoo and Doraiswamy.
