In a major bureaucratic reshuffle, the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi on Thursday appointed Debasish Panda as the secretary of finance ministry’s department of financial services.
Panda, a 1987 batch Indian Administrative Service (IAS) officer from the Uttar Pradesh Cadre is the special secretary at the department of financial services.
He will replace finance and financial services secretary Rajiv Kumar, who will superannuate on February 29, a personnel ministry order said.
Rajiv Kumar, who joined finance ministry in 2017, played a crucial role in initiating several reforms in the stressed banking and the shadow banking sector. The 1984-batch Jharkhand cadre IAS officer spearheaded the government’s plan towards consolidation in the banking sector, merging 10 big banks into four, along with reforms in governance, following the rising number of bank-related frauds.
In another important appointment, 1987 batch Gujarat cadre IAS officer Raj Kumar, director general, Employees’ State Insurance Corporation, has been appointed as secretary, department of defence production, under defence ministry.