The Reserve Bank of India (RBI) recently introduced the post of Chief Financial Officer (CFO) and has invited applications from qualified chartered accountants.
This is for the first in the history of RBI that such applications are invited, reported The Economic Times.
The central bank significantly does not follow accounting principles that are pertinent to the entities.
It regulates and follows pivotal policies that are internationally followed by central banks. RBI functions as an autonomous body and does not rely on profit as a major motive.
As per the central bank’s guidelines, the key mandate for the CFO will be to communicate both the Bank’s expected and actual financial performance and formulate accounting policies wherever applicable.
The CFO is also expected to flag off various risks and also design policies to curb them. The post will be in the rank of executive director.
He/she will supervise the Department of Government and Bank Accounts, the recently formed Corporate Strategy and Budget Department and Department of Corporate Services.
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