LIC Housing Finance: Vijay Kumar Sharma new Director and CEO

LIC Housing Finance: Vijay Kumar Sharma new Director and CEO

Vijay Kumar Sharma was appointed as Director & Chief Executive of LIC Housing Finance Limited at a Board meeting held today.

Sharma, aged 52, joined LIC of India as direct recruit officer in the year 1981 and has held many important positions in his career spanning almost three decades in all the Zones of LIC of India in both administration and marketing areas. He also headed Pension & Group Schemes portfolio of LIC of India as Executive Director between 2007 2009. Prior to his appointment as Director & Chief Executive of LIC Housing Finance Limited, Vijay Kumar Sharma was appointed as Director & Chief Executive of LIC Housing Finance Limited at a Board meeting

Sharma was the Zonal Manager of the South Zone of LIC of India since 2009. Under his leadership the Zone showed a turnaround during the year 2009-10 and currently the Zone ranks No.1 in the country. He is a visiting faculty to many Management Institutions including National Insurance Academy, Pune.

The Board observed that the preliminary report prepared by Committee of General Managers' which was constituted to examine the cases under scrutiny, confirmed that the loans are performing, documentation is in order, the outstanding loan of cases under scrutiny by CBI is Rs. 389 crore which are performing and the value of security against these loans is over Rs. 1000 crore. The loan portfolio as on 31st October, 2010 is Rs. 445.69bn and the gross NPA is 0.75% (including project loans).

The Board authorized the audit committee to go through the General Managers' report and other relevant aspects in detail and give suggestion for further strengthening of internal systems and controls, if required.

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