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May 28, 2018

Meet the 1st CFO of Reserve Bank of India (RBI) : Sudha Balakrishnan

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The Reserve Bank of India (RBI) has appointed NSDL executive Sudha Balakrishnan as it's First Chief Financial Officer (CFO). This is the biggest organisational change since Urjit Patel took over as RBI Governor in September 2016.

Balakrishnan, a chartered accountant, was till recently vice president with the National Securities Depository Ltd (NSDL), India’s first and largest depository, before joining RBI. She will be the 12th executive director of the RBI, and will have a three year term.

At the RBI, Balakrishnan will be in charge of the central bank’s balance sheet to ensure accounting policies and procedures comply with regulations. The new CFO will also be responsible for 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.

But more importantly, Balakrishnan 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.

She will have 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 percent of the gross cost to the company. The appointment will initially be made for a period of 3 years, which could be extended further subject to annual review, RBI said in the recruitment notice.

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