New Delhi: Government on May 7 nominated economic affairs secretary C M Vasudev as India's executive director in World Bank, entailing a possible reshuffle in the top echelons of the Finance Ministry.

Vasudev will take over from B P Singh, who is completing his three-year term as executive director in the World Bank on July 31.

An official announcement said RBI Deputy Governor Y V Reddy has been named India's executive director in the International Monetary Fund (IMF) in place of Vijay Kelkar who is completing his three-year term on July 31.

Vasudev became economic affairs secretary in November 2001 when government affected a major reshuffle of the top posts of the Finance Ministry, ahead of the Budget preparation.

Though Vasudev replaced Ajit Kumar who held the posts of economic affairs secretary as well as finance secretary, he was not given the post of finance secretary, as S Narayanan was senior to him. Usually the senior most of the three secretaries in the ministry takes over as finance secretary.

Official sources said with the appointment of Vasudev as World Bank's executive director, Narayanan could be a top contender for the post of finance and economic affairs secretary.

PTI