RBI appoints Sudha Balakrishnan as its first CFO
The Reserve Bank of India has appointed Sudha Balakrishnan as the first chief financial officer, the Economic Times reported today. Balakrishnan is a former executive of India's first and largest depository NSDL. She joined the Central bank on May 15 and will have a three year term.
According to the report, Balakrishnan will be in charge of the Reserve Bank's balance sheet to ensure accounting policies and procedures comply with regulations.
The new CFO will be in charge of the government and bank account department, which processes government transactions like payments and revenue collections. Balakrishnan will also oversee the apex bank's investments in India and abroad, the ET reported.
Last year in October, the top bank had advertised for a direct recruitment of 'chief financial officer' in the rank of executive director in the RBI. Among the responsibilities that the RBI had listed were: formulating the accounting policy of the bank, maintaining the internal accounts and reporting of financial results through various statements of accounts, balance sheet and profit and loss account.
According to the ET report, it was former RBI governor Raghuram Rajan who had first floated the idea of having a dedicated officer for handling internal financial functions of the RBI.
Rajan had proposed creating a post of chief operating officer (COO) at the rank of a deputy governor but that proposal was not accepted by the government, the report said.
The RBI has also sought applications from eligible candidates for the post of Deputy Governor which remains vacant after SS Mundra retired last year in July.