National News

Ex-Finance Secretary Rajiv Kumar appointed as Chairman of PESB

New Delhi: Former Finance Secretary Rajiv Kumar was on Wednesday appointed Chairman of Public Enterprises Choice Board (PESB) for a interval of three years.

Kumar, a 1984 batch Jharkhand cadre IAS official, was in July final yr designated because the Finance Secretary and retired in February this yr. He’ll succeed the incumbent Kapil Dev Tripathi, a 1980 batch retired Assam-Meghalaya cadre IAS official.

The Appointments Committee of Cupboard (ACC) headed by Prime Minister Narendra Modi permitted the appointment of Kumar as Chairman PESB for a interval of three years from the date of assumption of cost of the put up or till additional orders, whichever is earlier, stated a Ministry of Personnel order.

Kumar, who has been among the many veterans of energy corridors of the North Block, was transferred to the Ministry of Energy in a serious bureaucratic reshuffle on July 24 final yr.

A lover of Indian classical music and an avid trekker, Kumar has over three a long time of expertise in public coverage and administration throughout varied sectors. He has BSc and LLB levels, together with a masters in public coverage and sustainability.

The 60-year previous had taken over because the monetary providers secretary in September 2017 and initiated a number of reforms within the nation’s banking sector, to scrub up the unhealthy mortgage mess and to make public sector banks (PSBs) stronger.

Rajiv Kumar spearheaded the federal government’s bigger plan of consolidating a number of larger banks, beginning with Financial institution of Baroda‘s merger with Dena Bank and Vijaya Bank, making it the third largest PSB in the country. He also initiated a record amount of capital infusion into PSBs to beef up banks’ capability to lend.

Moreover all this, Kumar has been part of the budget-making train thrice. He performed a key function in taking forward Prime Minister Modi’s plan of monetary inclusion, aimed toward boosting credit score entry and job creation, by way of flagship schemes akin to Pradhan Mantri Jan Dhan Yojana, Mudra mortgage scheme, amongst others.

He’s recognized to have initiated and applied the 59-minute mortgage scheme for the MSME sector. The PESB, beneath the Ministry of Personnel, Public Grievances and Pensions, is answerable for the choice and placement of chairman, managing director or chairman-cum-managing director, and practical director in public sector enterprises (PSEs) in addition to in posts at some other degree as could also be specified by the federal government.


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