In the aftermath of Garg's VRS tale, FinMin welcomes new Finance Secretary, Rajiv Kumar

Mumbai, July 31: After successfully posting the services as the Financial Services Secretary, Rajiv Kumar, being credited with undertaking multiple reforms in the banking sector and providing a record amount of capital infusion in the public sector banks, is now set to serve the Modi reigns as new Finance Secretary.

 

 

The Appointments Committee of the Cabinet headed by PM Narendra Modi on Tuesday approved the designation of Kumar as the new Finance Secretary. His appointment comes in the backdrop of transfer of Subhash Chandra Garg as the power secretary, who has already sought voluntary retirement from his extant service.

Kumar is a 1984 batch IAS officer of Jharkhand cadre. He had undertaken the clean-up drive in year 2015-16, the recapitalisation of the banks had then crossed over Rs 3 lakh crore through the mix of budgetary support and market raising, further helping the banks to make adequate provisions.

 

Following this the banks have started posting profits in the first quarter of the current fiscal. Before joining the Finance Ministry, Kumar was the Establishment Officer in the Department of Personnel and Training. He was instrumental in many initiatives including streamlining of promotion and appointment process done by the ACC.