By Anjana Das

New Delhi, Jul 31 (IANS): Department of Financial Services (DFS) Secretary Rajeev Kumar has been appointed a member in the RBI's Economic Capital Framework (ECF) panel in place of Subhash Chandra Garg.

"Subhash Chandra Garg, former Finance Secretary and ex-Secretary, Department of Economic Affairs (DEA), who was a member of the expert committee on Economic Framework Capital (ECF), has been transferred. The government has nominated DFS Secretary Rajeev Kumar as a member of the expert committee in place of Garg," sources said.

The slot was lying vacant after Finance Ministry nominee and former DEA Secretary Garg was transfered to another ministry.

While Garg was present on the ECF panel as DEA Secretary, Kumar will be part of the panel as DFS Secretary.

On Tuesday, DEA Secretary Atanu Chakraborty was nominated to the RBI Central Board.

Kumar will now attend the next meeting of the ECF on the transfer of RBI's surplus and profits to the government. The meeting could take place on August 16.

After Kumar attends the meeting, it will be known if the earlier report will stand as was decided in the last meeting or there will be further discussions with the banking secretary's presence on the board.

Kumar was on Tuesday named the new Finance Secretary, replacing Garg who was moved to the Ministry of Power in a bureaucratic reshuffle.