The Reserve Bank of India (RBI) has sought fresh applications from eligible candidates for the post of Chief Financial Officer (CFO). The candidates who had applied earlier in May for the post have been barred from applying again. 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. Applications should reach RBI’s Board office by October 30, the apex bank said in a public notice. 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.