The Reserve Bank of India has appointed NSDL Executive Sudha Balakrishnan as its first chief financial officer (CFO) who will take in charge from 15 May, according to a news report.
This is being considered as one of the biggest organisational change since Urjit Patel took over central bank in September 2016. Sudha Balakrishnan, a chartered accountant serving at India’s first and largest depository NSDL will be the 12th executive director at RBI and will hold a three-year term.
As per the report, RBI was looking out for a CFO since May 2017 when it had first advertised for the post. A foreign bank executive was selected too to serve the role, however, he backed out due to differences in remuneration.
The recruitment notice issued in October 2017 states that the new CFO will be responsible for timely reporting of apex bank’s financial performance and will also oversee its budgetary process. Balakrishnan will also look after the RBI’s balance sheet and ensure accounting policies and procedures comply with the regulations. In addition, she will also look after the government and bank account department which include transactions such as revenue and payment collections such as taxes.
The news report has further revealed that the CFO would receive a monthly salary of Rs. 2 Lakhs with housing or Rs. 4 lakh per month without housing. There will be an increase of 3 to 5 percent as well of the gross cost to the company.