"Appointments Committee of the Cabinet (ACC) has approved that Mayaram may be designated as Finance Secretary," official sources said.
Mayaram, a 1978 batch Rajasthan cadre IAS officer has been holding charge as the Economic Affairs Secretary since 2012 and will continue to look after the Department of Economic Affairs.
The post of Finance Secretary was lying vacant after Sumit Bose retired on March 31.
The other secretaries in the Finance Ministry are Expenditure Secretary R P Watal, Revenue Secretary Rajiv Takru, Disinvestment Secretary Ravi Mathur and Financial Services Secretary G S Sandhu.
Finance Secretary is the senior-most IAS officer in the Ministry who coordinates the working of various departments under the Ministry.