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The Appointments Committee of the Cabinet has approved designating Pandey, a 1984 batch IAS officer of Maharashtra cadre, as finance secretary, it said.
The vacancy was necessitated following the superannuation of Rajiv Kumar, financial services secretary, last month.
Kumar, a 1984 batch IAS officer of Jharkhand cadre, was in July last year designated as the finance secretary.
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Atanu Chakraborty, a 1985 batch IAS officer of Gujarat cadre, is at present Secretary, Department of Economic Affairs.
Tuhin Kant Pandey, a 1987 batch IAS officer of Odisha cadre, is secretary of the Department of Investment and Public Asset Management. His batchmate from Tamil Nadu cadre, T V Somanathan is Secretary, Department of Expenditure.
Debasish Panda, also from the same batch, is Financial Services Secretary.