Government Appoints New Chairman of Life Insurance Corporation (LIC)
The Financial Services Institutions Bureau (FSIB) has recommended the appointment of a new Chairman for the Life Insurance Corporation of India (LIC).
Key Points for Quick Revision
- FSIB recommends the candidate for the post of LIC Chairman.
- Final approval is given by the Appointments Committee of the Cabinet (ACC).
- LIC is the largest life insurer in India and a key state-owned enterprise.
How This Topic is Tested in Competitive Exams
| Exam | Frequency | Approx. Marks | What Gets Asked |
|---|---|---|---|
| Banking (IBPS / SBI) | Very High | 6–10 | RBI policy, inflation, CRR/SLR, monetary committee decisions — banking exams test the full spectrum. |
| SSC (CGL / CHSL / MTS) | Medium | 2–4 | Budget highlights, GDP data, and government economic schemes appear in SSC CGL GK section. |
| UPSC / State PCS | High | 10–20 | Economy is a core UPSC subject. Economic Survey, budget, and policy changes are heavily tested. |
What to Memorize from This Topic
- Key budget figures: fiscal deficit %, GDP growth projection, key scheme allocations
- RBI rate decisions: Repo rate, CRR, SLR, Reverse Repo — current values
- Rankings: India's position in ease of doing business, hunger index, HDI
- Abbreviations: FRBM, NBFC, MPC, PMGSY, PMGKAY — full forms and purpose
- Trade data: import-export balance, major trading partners
Practice Questions
Q1. Which body recommends candidates for the position of Chairman of LIC?
- SEBI
- RBI
- Financial Services Institutions Bureau (FSIB)
- IRDAI
Explanation: The FSIB (formerly Banks Board Bureau) recommends candidates for top positions in public sector banks and insurance companies.
Q2. Who heads the Appointments Committee of the Cabinet (ACC)?
- Finance Minister
- President of India
- Prime Minister
- RBI Governor
Explanation: The Appointments Committee of the Cabinet (ACC) is headed by the Prime Minister of India.
How to Prepare Economy & Finance for Government Exams
Track current Repo Rate, Inflation rate, and GDP growth. These three numbers appear in almost every banking exam.
Keep a running note of new schemes with their ministry, launch date, and target beneficiary group.
Focus on the Economic Survey and Union Budget highlights — these single documents generate dozens of exam questions.