The government has appointed Rajay Kumar Sinha as Whole Time Member (Finance and Investment) of the Insurance Regulatory and Development Authority of India (IRDAI) for a period of three years.

Rajay Kumar Sinha is currently serving as Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India, and Sinha also holds the position of Deputy Managing Director at SBI, Corporate Centre, Mumbai.

Sinha, who joined SBI as a probationary officer in 1991, has worked across several banking verticals such as Treasury, International Banking, and Retail Banking.

Before his tenure at SBI Capital Markets, he headed the treasury operations of SBI, encompassing its investment portfolio, money market, equity, private equity, and forex operations.

Sinha has managed the Financial Institution Relationship and also handled treasury operations and Asset Liability Management (ALM) of SBI's overseas operations.

"The Appointments Committee of the Cabinet has approved the appointment of Rajay Kumar Sinha, presently serving as the Managing Director and Chief Executive Officer, State Bank of India Capital Markets, to the post of Whole-Time Member (Finance and Investment), Insurance Regulatory and Development Authority of India, for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier," the appointments committee letter stated.

The post of Whole-Time Member in IRDAI had become vacant after Rakesh Joshi retired in November, having reached the age of 62.