Zee Business Exclusive: MoS Finance Bhagwat Karad on IRDAI chairman post, LIC IPO and more

The government is going to take a decision soon for the post of chairman of insurance regulator IRDAI, lying vacant for five months and a new chairman will be appointed soon. Minister of State for Finance Bhagwat Karad in an exclusive conversation told Zee Business that he will visit IRDAI's Hyderabad office next week and hold a review meeting related to the insurance industry. Bhagwat Karad believes that no one is harmed by LIC's IPO and employees in bank and insurance sector need not fear privatization at all. Zee Business correspondent Anurag Shah had an exclusive conversation with Bhagwat Karad, excerpts from the interview:-

What is the government's plan to integrate social security schemes?

The government is planning to integrate on one platform for schemes like Jan Dhan bank accounts, Atal Pension Yojana, and Pradhan Mantri Jeevan Jyoti Yojana to provide more facilities to the common people. Just as direct benefits are transferred to crores of people simultaneously through JAM, similarly integration will also benefit. Soon a new platform will be launched through banks.

The post of IRDAI chairman is vacant since last 5 months, when will the post of new chairman be filled?

After the approval of the PMO office, the government is going to take a decision soon on the post of IRDAI chairman, next week a meeting will be held with the officials of IRDAI in Hyderabad, Nirmala Sitharaman has given me the responsibility of the financial services department including insurance, banks. Efforts will be made to solve all the problems of the insurance sector. 

What is the response of Hike in FDI from 49% to 74% in  insurance sector? 

There was some interruption due to Covid but now companies will show interest, Hope to get good response in FDI for Insurance sector.  

How will the privatization of banks and insurance companies will impact employees?

According to the actual situation, the government takes the decision, there will be no problem for the employees due to merger and privatization of banks & Insurance. Employees should have full faith in the government, their interests will be fully protected.

Is there will be a 10% reserve for policy holders in LIC's IPO,  will IPO come in this financial year?

LIC's bill has been passed after a lot of discussion in Lok Sabha and Rajya Sabha, IPO will not harm LIC and LIC will only benefit.