Rajiv Kumar, Secretary, Financial Services in the Ministry of Finance, was on Tuesday designated as Finance Secretary by virtue of his seniority, reported The Hindu.
The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi approved the designation of Kumar as the new Finance Secretary, according to an official order.
Kumar, a 1984 batch IAS officer of Jharkhand cadre, replaced former Finance Secretary Subhash Chandra Garg who took charge as Power Secretary on Thursday, last week, reported Indian Express.
Mr Kumar is credited with undertaking multiple reforms in the banking sector and providing a record amount of capital infusion in the public sector banks. Since the commencement of clean-up in 2015-16, the recapitalisation has crossed over Rs. 3 lakh crore through the mix of budgetary support and market raising, helping banks to make adequate provisions for the bad loans.
As a result, there has been a reversal in the deteriorating bad loan situation and there has been a record loan recovery in the last fiscal. Following the cleaning-up exercise undertaken by Mr Kumar, banks have started posting profits in the first quarter of the current fiscal, reported NDTV.
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, reported Indian Express.