National Securities Depository Limited (NSDL) executive Sudha Balakrishnan has been appointed the first chief financial officer of the Reserve Bank of India (RBI), according to TOI.
This is one of the biggest organisational change since Urijit Patel became the RBI Governor in September 2016. RBI has been looking for a CFO since May 2017. A foreign bank executive was reportedly selected for the post but did not join due to differences in remuneration. In October 2017, RBI again advertised for the CFO's position and after all the process selected Sudha Balakrishnan.
Balakrishnan is a chartered accountant recently became the vice-president at the NSDL. She will be the 12th executive director at RBI for a tenure of three years.
Balakrishnan will be in charge of the central bank's balance sheet and her duties include, accounting policies and procedures comply with the regulation. She will look after the government and bank account department, which processes transactions like payments and revenue collections.
As per the recruitment notice, the new CFO will be responsible for communicating an accurate and timely reporting of the central banks financial performance and oversee its budgetary processes.