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With Financial Services Secretary Gurdial Singh Sandhu transferred, the Finance Ministry has postponed an important meeting with public sector banks scheduled to take place on November 5.
The meeting was supposed to discuss the progress in Pradhan Mantri Jan Dhan Yojana scheme and ways ahead. The scheme aims to cover every household within financial inclusion. It aims to open 7.5 crore bank accounts by January 26. As on date, over 6 crore accounts have already been opened.
Besides the Financial Services Secretary meeting the PSB chiefs, preparations were also on for a meeting between the Prime Minister and the bankers.
But the recent turn of events could mean that the Centre's meeting with bankers' may not happen till the set of interviews for CMD posts get completed in mid-November, say banking industry observers.
As many as 16 candidates are in the fray for filling the CMD posts lying vacant in as many as eight public sector banks.
Sandhu to be transferred
In a late evening development on Monday, the Government had announced to transfer Sandhu.
He will be replaced by 1981 batch Indian Administrative Service Officer of Gujarat cadre Hasmukh Adhia. Sandhu will now serve as Chairman of the National Authority for Chemical Weapons Convention. Adhia is currently Additional Chief Secretary in the Finance Department of Gujarat.
Bureaucratic reshuffle
The latest bureaucratic reshuffle has taken place days after former Finance and Economic Affairs Secretary Arvind Mayaram was shunted.
In fact, Mayaram received two transfer orders within a fortnight. First on October 15, he was appointed as new Tourism Secretary and two days before he was supposed to be relieved from the Finance Ministry, he was given second transfer order for posting in the Minorities Affairs Ministry on October 29.
In fact, on the very same day, the Government handed over the charge of Finance Secretary with immediate effect to Expenditure Secretary, leaving no chance for Mayaram to leave the Finance Ministry immediately.
Both Sandhu and Mayaram were appointed by the previous UP Government. Apart from these two, another UPA appointee Rajiv Takru was transferred from Revenue Department first to the Ministry for Development of North Eastern Region (DONER) and then to the National Commission for Minorities by the Modi Government.
Now with these, only one UPA appointee, Ratan Watal, Expenditure Secretary has been left among five Secretaries in the Finance Ministry.
New team of secretaties
With preparations for General Budget 2015-16 kicking off, the Finance Ministry is now having a new team of Secretaries and Chief Economic Advisor.
The team will have Rajiv Mehrishi as Economic Affairs Secretary (also likely to be nominated as the Finance Secretary because of his seniority), Ratan Watal as Expenditure Secretary, Shaktikanta Das as Revenue Secretary, Aradhana Johri as Disinvestment Secretary, Hasmukh Adhia as Financial Services Secretary, besides Arvind Subramanian as the Chief Economic Advisor.
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