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Rajiv Kumar Designated as Finance Secy
The Economic Times  |  July 31, 2019

Our Bureau New Delhi

The government has designated financial services secretary Rajiv Kumar as finance secretary.

 

On Tuesday, the appointments committee of the cabinet (ACC) gave its approval to the designation of the 1984 Jharkhand cadre Indian Administrative Service (IAS) officer as the finance secretary. The senior most bureaucrat among all secretaries in the finance ministry is designated as the finance secretary.

 

Kumar succeeds Subhash Chandra Garg, who was shifted to the position of power secretary in a high-profile bureaucratic reshuffle on July 24. Garg has since sought voluntary retirement from the IAS.

 

Garg, a Rajasthan cadre officer of the 1983 IAS batch, was the economic affairs secretary and was designated as the finance secretary as he was the senior most in the ministry.

 

In the last one year, Kumar has played a crucial role in initiating banking reforms for state run banks including the first tri-partite merger among three public sector lender.

 

Kumar was instrumental in securing some key relaxations from the RBI including getting some public sector banks out of the prompt corrective action (PCA) framework.