UPDATE: Jaitley retains Defence and Finance, Goyal set to be Railway minister
September 03, 2017  12:15
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Arun Jaitley will retain the portfolios of Defence and Finance. 

Earlier on August 31, Jaitley had hinted that he would not be serving as Defence Minister for long. Responding to a poser, during a press briefing, on his tenure as the defence minister, the union minister said, "At least I hope not very long. That's anyway not me to decide."

Reports state that Piyush Goyal, who was elevated to Cabinet minister earlier today, has been given the Railways ministry. 

Prabhu had tendered his resignation after back-to-back rail accidents, but it was not accepted by Prime Minister Narendra Modi. 
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