In a significant move, the Reserve Bank has decided to have a chief financial officer.
It has already set in motion the selection process by inviting applications from prospects. Currently, the central bank does not have a dedicated official handling the finance function.
The move for the appointment of a CFO is part a major organisational change being carried out by Governor Urjit Patel.
The CFO will be of the rank of executive director.
He will be responsible for “accurate and timely presentation and reporting of financial information of the central bank.”
He will also establish accounting policies and procedures and ensure compliance with regulations.
The position will also be entrusted with the job of communicating the expected and actual financial performance of the apex bank and overseeing its budget processes, said an RBI recruitment notification.
The CFO will have oversight of the department of government and bank accounts, corporate strategy and budget department and department of corporate services, the notification said.
For a regular appointment, the gross monthly emoluments will be about ₹2.4 lakh.
The proposed salary (for a regular appointee) of the CFO is only ₹10,000 short of the revised pay of the Governor and on par with that of the deputy governors.
