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.
Siddhartha Mohanty who served as the chief operating officer of the organization 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 organization.
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.
Siddhartha Mohanty has excelled in marketing, human resources, investments and legal.
Siddhartha Mohanty 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.
Siddhartha Mohanty was the Senior Divisional Manager in-charge of Raipur and Cuttack divisions of LIC.
Siddhartha 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 percent and stood Rs 4,757 crore while the loan book went up by 16 percent at Rs 1,97,768 crore at the same time. Out of the total loan portfolio, the individual loan was Rs 1,84,155 crore, a growth of 14 percent. Within the individual loan portfolio, the home loan segment saw 12.4 percent growth”, Mohanty said shortly after taking over as MD & CEO.
Reaffirming the focus on affordable housing finance, “The focus has been there for two years now. Last year, we distributed a 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.