Govt appoints Rajay Kumar Sinha as Irdai's member for three years

The government has appointed Rajay Kumar Sinha as the Whole-Time Member (Finance and Investment) of the Insurance Regulatory and Development Authority of India (IRDAI) for a period of three years.

Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India. He also holds the position of Deputy Managing Director at SBI, Corporate Centre, Mumbai.

“The Appointments Committee of the Cabinet has approved the appointment of Rajay Kumar Sinha, presently serving as the Managing Director and Chief Executive Officer, State Bank of India Capital Markets, to the post of Whole-Time Member (Finance and Investment), Insurance Regulatory and Development Authority of India, for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier,” according to a letter from the appointments committee.

Sinha, who joined SBI as a probationary officer in 1991, has worked across several banking verticals such as Treasury, International Banking, and Retail Banking.

Before his tenure at SBI Capital Markets, he headed the treasury operations of SBI, encompassing its investment portfolio, money market, equity, private equity, and forex operations. Sinha has managed the Financial Institution Relationship and also handled treasury operations and Asset Liability Management (ALM) of SBI’s overseas operations.

The post of Whole-Time Member in IRDAI had become vacant after Rakesh Joshi retired in November, having reached the age of 62.