RBI creates post of CFO, invites applications

In a first, the Reserve Bank is creating a post of a chief financial officer (CFO) and has sought applications for the position.

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 official will also be entrusted with communicating RBI's expected and actual financial performance and overseeing its budget processes, the central bank said in a recruitment notification on Monday.

The CFO will also formulate the accounting policy of the bank, maintain the internal accounts and report financial results, and carry out corporate strategy functions like PF policies.

Till now, the central bank did not have a dedicated official handling the finance function, and the tasks were being carried out internally. The 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 chief operating officer 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.