Mr. Lalit Kumar Chandel, Director, ICICI Bank Limited


Mr. Lalit Kumar Chandel
Director, ICICI Bank Limited


Shri Lalit Kumar, belongs to the Indian Economic Service (1995 batch) and presently posted as Economic Adviser, Department of Financial Services, Ministry of Finance, Government of India, New Delhi. Shri Lalit Kumar is a postgraduate in Economics, MBA and Fellow in Insurance. Prior to his present assignment Shri Lalit Kumar served at various levels in different departments of Government of India, including Banking, Insurance, Capital Markets, External Assistance, Rural Development, Power, Irrigation and Health. Shri Kumar held key positions of Director (Insurance), Department of Financial Services, Ministry of Finance, Executive Director, CVO and Financial Adviser, Insurance Regulatory and Development Authority of India, and Whole Time Director Finance, Telangana State Power generation Corporation.


Shri Lalit Kumar, as an officer from the IES, was initially posted as Research Officer, Irrigation and CAD Division, in the then Planning Commission, Govt. of India and assigned the work of examining proposal for according investment clearance to irrigation projects.


As Deputy Director, in Department of Economic Affairs, Shri Lalit Kumar was responsible for overall monitoring of implementation and disbursement of resources for all the externally aided projects in the country. Also handled all policy matters relating to the development and regulation of securities markets and investor protection; domestic mutual funds, venture capital funds, collective investment schemes etc.


While being posted as Director, Insurance Division, Ministry of Finance, Shri Lalit Kumar was in charge of administration of all legislations concerning the insurance sector and also for monitoring the performance of the Government owned Insurance Companies. He was also involved in formulation and implementation of various social sector schemes, such as Vrishat Bima Yojana, Janshree Bima Yojana, Aam Aadmi Bima Yojana, Universal Health Insurance Scheme and Rashtriya Swasthaya Bima Yojana. Being Director on the Board of AICL, Mr Kumar was involved in the efficient implementation of the agriculture insurance schemes in the country.


As Executive Director and Financial Adviser, Insurance Regulatory Development Authority of India, Hyderabad, Shri Lalit Kumar was accountable for ensuring overall financial discipline in the organization besides being Head of other departments such as the Consumer Affairs Department, Enforcement Department and Internal Audit Department.


Before joining Department of Financial Services in August 2018, Shri Lalit Kumar has worked as whole time Director Finance in the Telangana State Power Generation Corporation (TSGENCO), Hyderabad. Shri Kumar has played a crucial part in closing of Annual Accounts of the demerged TSGENCO consequent to the bifurcation of the Andhra Pradesh. Shri Kumar played an active role in bifurcation of assets and liabilities of the erstwhile combined power generation company into TSGENCO and APGENCO. Implementation of the Goods and Services Tax Act and convergence to Indian Accounting Standards (Ind-AS) from GAAP, has thrown some challenges, but Shri Lalit Kumar has guided to transform the systems to meet the compliance requirements of the new framework.


Shri Lalit Kumar had also served earlier as Director (Government Nominee) on the Boards of National Insurance Company Limited, Oriental Insurance Company Limited, Corporation Bank, Agriculture Insurance Co. of India, and National Insurance Academy.