The Financial Services Institutions Bureau (FSIB), the headhunter for the directors of state-owned banks and financial institutions, may select a new chairman of insurance behemoth LIC this month.

The chairman will be selected from the four managing directors of the company, sources said.

According to sources, the bureau may conduct an interview for the position towards the end of next week if all members of the committee are available.

The FSIB is likely to make a selection this month, subject to the availability of members due to Parliament’s budget session, sources said.

The final decision on the FSIB recommendation will be taken by the appointments committee of the cabinet headed by Prime Minister Narendra Modi.

It can be noted that one of the managing directors B.C. Patnaik retires on March 31. The government has already appointed Tablesh Pandey as his replacement.

Currently, Siddhartha Mohanty, managing director of LIC, is acting chairman of LIC after the completion of the term of M.R. Kumar on March 13, 2023.

Other managing directors in the race are Mini Ipe and M. Jagannath. Mohanty is scheduled to retire in June while Ipe in August this year if they are not selected for the chairman position.

The chairman of LIC retires at the age of 62.