RBI seeks fresh applications for CFO post

The CFO will formulate accounting policy of the bank

The Reserve Bank has sought fresh applications from eligible candidates for the post of chief financial officer (CFO).  This is the second time that the central bank has modified the original appointment notice issued in May this year.  “In view of modifications in eligibility criteria for the above-mentioned post, it has now been decided to accept fresh applications from applicants who had applied earlier in response to our advertisement...,” according to a RBI notice. The last date for receiving applications will now be November 16, 2017.  The CFO, who will be of the rank of executive director, will be responsible for accurate and timely presentation and reporting of financial information of the central bank, and establish accounting policies and procedures and ensure compliance with regulations.

The CFO will also formulate accounting policy of the bank, maintain internal accounts and report financial results, and carry out corporate strategy functions like provident fund policies. The CFO appointment is part a major organisational change being carried out by Governor Urjit Patel.
 

His predecessor Raghuram Rajan had pursued an idea of creating a COO for the apex bank but the government shot down the proposal as it involved changing the RBI Act. Rajan had also hired a slew of specialists from outside.