(ET)
Finance secretary Rajiv Kumar is expected to be the new government representative in the committee set up to review the Reserve Bank of India’s economic capital framework, replacing former economic affairs secretary Subhash Chandra Garg who was transferred to the power ministry in a bureaucratic shuffle last week.
The committee, headed by former RBI governor Bimal Jalan, is expected to get an extension before it finalises its report, said sources. Kumar, who was earlier financial services secretary, was designated finance secretary. Garg was learnt to have submitted a dissent note on the panel’s recommendations.
“He (Kumar) is already on the RBI board and has been able to negotiate well with the regulator on various issues without any acrimonious situation,” said a government official, who did not wish to be identified. “Kumar, as financial services secretary, has been engaging with the RBI in multiple discussions over various matters.”
