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RBI looking for chief financial officer

Last date to apply for the post is June 2, 2017 on or before 5:00 PM

Trupti Ramball 


Reserve Bank of India recently issued a notification inviting applications for direct recruitment of Chief Financial Officer (CFO) in the rank of executive director. The application, enclosing all prescribed documents, should reach the office on or before 5.00 P.M. on June 2, 2017.
Eligibility criteria

Candidates should be a qualified chartered accountant (CA) as on May 1, 2017. Applicants with additional degrees like CFA, MBA (finance), or Certificate in Financial Risk Management from internationally acclaimed university / associations like GARP will be preferred.
A minimum of 15 years in overseeing financial operations in banks /FIs /large financial companies/financial services organizations, post acquiring CA qualification, of which a minimum of 5 years should be as a full time CFO or an equivalent position in a regular capacity and not in a contractual / adhoc capacity is a must.
Staff candidates with the prescribed qualifications currently working as Chief General Manager, or as General Manager with five years experience in the grade are also eligible to apply.
There is no reservation for SC/ST/OBC candidates. However, they can apply as General candidates without being eligible for any concession/relaxation.
The applicant should be between 45-55 years of age.
Application process

Interested candidates have to download and print the application form from the official website. Step-by-step guide on how to apply:

Log on to
Click on the Opportunities@SBI on the footer of the homepage
Click on the Current Vacancies tab
Click on the link Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
Download and save the pdf
Take a print out of the application form at the bottom of the notification
Fill in the requisite details
Paste recent photograph and sign at the appropriate places
The cover containing the application should be super scribed with the name of the post applied for, ie Application for the post of Chief Financial Officer. Candidate should also submit the following documents along with the application:
Proof of age (copy of passing Secondary/High School/10th standard Certificate or Higher Secondary School /12th Standard Certificate mentioning the date of birth)
Copy of certificates and mark sheets in respect of qualifications acquired
Appropriate document(s) in support of desirable experience.
The candidates post must submit their application in the prescribed format by post to:
The General Manager,
Reserve Bank of India Services Board,
IIIrd Floor, Building,
Opp. Mumbai Central Railway Station,
Byculla, Mumbai – 400008
Selection procedure

Candidate will be selected will be through interview only. A preliminary screening of the applications will be carried out for making, if necessary, a short-list of eligible candidates to be called for the interview. While shortlisting candidates, the board may apply criteria including additional qualifications, greater experience and level of responsibilities handled. Hence, merely fulfilling the minimum requirements laid down for the post would not automatically entitle any candidate for interview.
The place and date of interview will be advised to the short-listed candidates in due course.
Candidates called for interview, will be reimbursed to and fro actual economy class air fare by the shortest route from the place of their residence/place of work to the place of interview whichever is nearer.
Those already in service of Government/Quasi-Government organisations and Public Sector Banks/Undertakings will have to produce discharge certificate from the employer at the time of appointment in
Corrigendum issued, if any, will be published only on the bank’s website
Career prospects

The position / place of posting of candidate will ordinarily be Central Office Mumbai. Candidates can choose between regular appointment, on permanent basis, on pay scales of the bank, or contract appointment on cost to company (CTC) basis.
For regular appointment, selected candidate will draw a starting basic pay of Rs. 1,20,500 per month in the scale of Rs. 1,20,500 – 3500 - Rs. 1,27,500 (3 years) applicable for the post of executive director. The candidate will also be eligible for dearness allowance, house allowance, special allowance and local compensatory allowance as per rules in force from time to time. The gross monthly emoluments for the post will be Rs. 2,40,660 approximately.
The selected candidate will be eligible for all the perquisites as available to the post of Executive Director and superannuation benefits as per applicable rules. He/she will be governed by Staff Regulations 1948.
Initial appointment will be on probation for a period of one year. At bank’s discretion, the probationary period may be extended by one year, if necessary. On completion of three years, stagnation allowance may be given which will not be admissible for dearness allowance or any superannuation benefits.
For contract appointment, the cost per month works out as Rs. 2,00,000 per month with housing and Rs. 4,00,000 per month without housing (due for revision). An annual increase at 3% to 5% of gross CTC, or the regular revision of CTC itself as applicable, may be given. Besides the advertised remuneration, no other money / allowance / perks would be payable. However, facility of the lounge and dispensary at the office will be allowed.
The appointment will be made for a period not exceeding three years, which would be extended to maximum for a period not exceeding two more years. The performance of appointee will be reviewed annually to decide on the continuance of contract. The appointee will be governed by RBI’s Code of Conduct.
Job responsibilities

CFO will be responsible for accurate and timely presentation and reporting of financial information of the bank. That apart, he/she will need to:
Establish accounting policies and procedures wherever required
Ensure compliance with financial regulations and standards wherever applicable
Communicate both the Bank’s expected and actual financial performance
Oversee the budget process, collecting of inputs and comparing the bank’s actual performance vis-à-vis the budget estimates
Flagg risks to the finances – operational, market etc, and
Develop strategies to counter / mitigate the risks.
The selected candidate will have oversight of the following departments:
Department of Government and bank accounts:
Formulate the accounting policy of the bank
Maintain the internal accounts
Report financial results through various statements of accounts, balance sheet, and profit and loss account
Corporate strategy and budget department:
Formulate policy relating to provident fund (PF),
Actuarial valuation of investments of various staff welfare funds in eligible Government Securities, preparation of notes to board on the position of various funds and on PF interest rates
Policy work related to budget, including consolidation of budget for the bank as a whole, notes to board / top management, sanction of additional budget, review and amendment of expenditure rules
Prepare the policy and broad guidelines regarding business continuity planning (BCP)
Department of Corporate Services:
Framing guidelines for award of rate contracts for activities such as floatation of tenders for printing, distribution of publications
Centralised procurement / arrangements of various stationery items, courier services etc
Document management system – framing policies and broad guidelines in respect of the system and preservation period of documents.
Career progression

CFO will not be eligible for being considered / shortlisted for any career progression.