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1st CFO of RBI
May 31 , 2018
2374 days
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- NSDL (National Securities Depository Limited) executive Sudha Balakrishnan has been appointed the first-ever chief financial officer (CFO) of the Reserve Bank of India (RBI).
- She will be the 12th executive director of the RBI and will have a three-year term.
- The CFO will be responsible for reporting of financial information of the central bank, establishing accounting policies and ensuring compliance with regulations.
- As the nodal officer managing the RBI balance sheet, Balakrishnan will also oversee the central bank’s investments in India and abroad.
- Sudha Balakrishnan will be in charge of the government’s bank account department, which processes government transactions like payments and revenue collections such as taxes.
- 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.
- As CFO, Sudha Balakrishnan will also be in charge of the dividend RBI pays to the government, which is crucial in the final budgetary calculations.
- Under the RBI Act, 1934, the central bank is required to pay the government its surplus after making provisions for bad and doubtful debts, depreciation in assets and, contribution to staff and superannuation fund among others.
- RBI follows a July to June financial year.
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