The Reserve Bank has sought fresh applications from eligible candidates for the post of Chief Financial Officer (CFO). This is the second time that the central bank has modified the original appointment notice issued in May this year. “In view of modifications in eligibility criteria for the above-mentioned post, it has now been decided to accept fresh applications from applicants who had applied earlier in response to our advertisement No 6 & 6A/2016-17 dated May 15, 2017 for the said post (CFO),” according to the latest public notice by the RBI. Accordingly, it said, the last date of receiving applications for the post of CFO from all eligible candidates will now be November 16, 2017. The CFO, who will be of the rank of executive director, will be responsible for accurate and timely presentation and reporting of financial information of the central bank, and establish accounting policies and procedures and ensure compliance with regulations. The CFO will also formulate the accounting policy of the bank, maintain the internal accounts and report financial results, and carry out corporate strategy functions like provident fund policies.
Till now, the central bank did not have a dedicated official handling the finance function, and the tasks were being carried out internally. The appointment is part a major organisational change being carried out by Governor Urjit Patel. His predecessor Raghuram Rajan had pursued an idea of creating a chief operating officer for the apex bank but the government shot down the proposal as it involved changing the RBI Act. Rajan had also hired a slew of specialists from outside.