New Delhi, Feb 11 (IANS): The Centre on Tuesday said it would rename the National Institute of Financial Management (NIFM), Faridabad, as the Arun Jaitley National Institute of Financial Management (AJNIFM).

"Aligning the vision and aspiration of the institute for the future with the vision and contribution of late Arun Jaitley, the government has decided to rename National Institute of Financial Management (NIFM) as the Arun Jaitley National Institute of Financial Management," said an official statement.

Former Finance Minister Jaitley is credited with taking the next level of reforms in the economy through the introduction of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC). He was also awarded India's second highest civilian award Padma Vibhushan this year.

His tenure at the Finance Ministry remained controversial as it coincided with the implementation of demonetisation, which is still a major subject of debate over its actual need and eventual implications.

NIFM, Faridabad, was set up in 1993 as a registered society under Department of Expenditure, Ministry of Finance, Government of India to train officers of various Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) through the civil services examination as also officers of Indian Cost Accounts Service (ICoAS).

The Union Finance Minister is the President of the NIFM Society.

The Finance Ministry statement further said that over a period of time, the institute has become a premier resource centre to meet the training needs of central government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.

"NIFM also caters to the state governments, defence establishments, banks, other financial institutions and PSUs. It has ventured beyond training into the field of management education and runs certain AICTE-approved programmes leading to postgraduate diplomas in management, in various areas of financial management," the Finance Ministry statement said.