Mohapatra will take over from Dipak Chatterjee, who is scheduled to take charge as the first chairman of the Competition Commission of India.
CD Arha, who is at present secretary coal and mines would take over as the banking and insurance secretary, senior government sources said.
The appointments have been cleared by the Prime Minister and are awaiting formal notification.
The fate of Finance Secretary DC Gupta is, however, unclear. He may take over from NK Sinha as secretary Planning Commission. Sinha is due to superannuate in November.
Civil aviation secretary K Roy Paul is also expected to be shifted to the textiles ministry in place of Mohapatra.
