In a major management rejig, Sudha Balakrishnan, erstwhile NSDL executive has been appointed as the first ever CFO of the Reserve Bank of India. A Chartered Accountant by profession Sudha will be the 12th executive director of the RBI with a three-year term. Her appointment to the post comes into effect from May 15, 2018.
As part of her role and position with the central bank, Sudha will oversee the apex bank's balance sheet and ensure that accounting policies and procedures are well in line with the regulations in place. Also, in accordance with the recruitment notice issued last year, she will have to communicate precise as well as timely report financial performance of the bank and also oversee its budgetary processes.
The CFO will also have to take on corporate strategy tasks such as decide on the PF rate, which the central bank is in charge of for its employees.
She will also need to look on the government and bank account dept such as payment and collection of taxes. The accounting professional will also need to look at the investments in India and abroad.
It was after Urjit Patel took over as RBI governor that it was decided to have a dedicated position as the CFO in the apex bank at the rank of an executive director.
Balakrishnan as part of her compensation for the position with the RBI will be eligible for Rs. 2 lakh with housing or Rs 4 lakh without housing on a monthly basis with an annual increase of 3-5% in gross cost to company.