Sudha Balakrishnan, a former vice president at National Securities Depository Ltd., assumed charge as the first Chief Financial Officer (CFO) of the Reserve Bank of India (RBI) on May 17.
Ms. Balakrishnan, who has been appointed in the rank of an executive director, is tasked to oversee several portfolios including government and bank accounts, corporate strategy and budget and will report to Deputy Governors Viral Acharya and B.P. Kanungo, an official at the RBI said on condition of anonymity.
An e-mail seeking comment from the central bank remained unanswered till the time of going to press.
The Reserve Bank of India Officers’ Association had earlier opposed the move on the ground that there was no statutory or legal requirement for the appointment of a CFO. It had also contended that since no accounting standards were strictly applicable to a central bank, the need for a CFO appeared superfluous.
Job profile
The central bank had been advertising the position since May 2017. The advertised job profile includes timely presentation and reporting of financial information, establishing accounting policies and ensuring compliance with financial regulations and standards.
