Rajiv Kumar, currently serving as Financial Services Secretary, was on Tuesday designated as the new Finance Secretary.
The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi approved the designation of Kumar as the new Finance Secretary, according to an official order. Kumar is a 1984 batch IAS officer of Jharkhand cadre. His appointment comes in the backdrop of transfer of Subhash Chandra Garg as the power secretary. Garg has already sought voluntary retirement from service.
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.
