Siddhartha Mohanty has taken over the mantle of the managing director and chief executive officer of LIC Housing Finance. His appointment to the high office has evoked Odia pride once again as Mohanty is among the handful of ‘Pravasi Odias’ making it big in the realm of finance in Mumbai’s bustling metropolis.
Mohanty who served as the chief operating officer of the organisation, has been exalted to the coveted post and, deservingly so. His career took off with the Life Insurance Corporation (LIC) as a direct recruit officer. On the back of his dogged pursuit and gleaming performance, he has climbed the rungs of success within the organisation. His last major assignment with the LIC was executive director (legal) after which he crossed over to LIC Housing Finance.
His has been a glittering career spanning over three decades in LIC. Mohanty has excelled in marketing, human resources, investments and legal. He has served as Chief of Investments (Monitoring), Regional Head of a marketing vertical of LIC‘s Western Zone spanning the States of Maharashtra, Gujarat and Goa. He was the Senior Divisional Manager in-charge of Raipur and Cuttack divisions of LIC.
Mohanty is a Post Graduate in Political Science with a degree in Law. Other qualifications include post-graduation in Business Management and Licentiate from the Insurance Institute of India. His innovative style of working, people orientation, marketing acumen and technical expertise have resulted in success in each of his assignments.
“We have performed well in Q1 FY20. Our revenue has gone up by 19 per cent and stood Rs 4,757 crore while the loan book went up by 16 per cent at Rs 1,97,768 crore during the same time. Out of the total loan portfolio, individual loan was Rs 1,84,155 crore, a growth of 14 per cent. Within the individual loan portfolio, home loan segment saw 12.4 per cent growth”, Mohanty said shortly after taking over as MD & CEO.
Reaffirming the focus on the affordable housing finance, “The focus has been there for two years now. Last year, we distributed CLSS subsidy of about Rs 1,000 crore to 45,000-46,000 accounts under PMAY. Since we see a great opportunity in the said segment, we will take it further this year”.
Under Mohanty’s leadership, expects to meet its target of disbursing more than Rs 55,000 crore fresh loans in 2019-20 even as its asset quality fell in the quarter ended June 30 this year.