India’s Central Bank, Reserve Bank of India (RBI) has appointed Sudha Balakrishnan as the first Chief Financial Officer (CFO). Smt Sudha Balakrishnan is a chartered accountant and worked as vice president with the National Securities Depository Ltd (NSDL), India’s first and largest depository, before joining RBI.
Sudha Balakrishnan is eligible for a monthly salary of Rs 2 lakh with housing or Rs 4 lakh per month without housing and an annual increase of 3% to 5% of gross cost to company.
She will be the 12th executive director of the RBI, and will have a three year term. She will be in charge of following activities in RBI :
- Central bank’s balance sheet to ensure accounting policies and procedures comply with regulations.
- Communicating an accurate and timely reporting of the central bank’s financial performance and oversee its budgetary processes.
- Besides internal accounts and budget, the CFO will also be in charge of corporate strategy functions like deciding the provident fund rate, which the central bank manages for its employees.
- She will be in charge of the government and bank account department, which processes government transactions like payments and revenue collections such as taxes. As the nodal officer managing the RBI balance sheet, Balakrishnan will also oversee the central bank’s investments in India and abroad.