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Reserve Bank of India appoints first Chief Financial Officer

The newly-created post is meant to take care of the accounting departments of the central bank and formulation of the balance-sheet

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Sudha Balakrishnan, former vice-president of National Securities Depository Ltd (NSDL) will be appointed as Reserve Bank of India’s (RBI) first chief financial officer. 

A RBI spokesperson confirmed the development.

The newly-created post is meant to take care of the accounting departments of the central bank and formulation of the balance-sheet. 

Balakrishnan, who takes charge from May 15, will specifically oversee the RBI’s accounts department. She will also be in charge of the budget process, collect inputs and compare the bank’s actual performance in comparison to the budget estimates.

Formulating the policy related to provident fund and provident fund interest rates under the corporate strategy function will also be another key mandate. 

Until now, the RBI’s balance-sheet  was managed internally with no dedicated officer to do the job. It was during Raghuram Rajan’s tenure that an idea of a dedicated officer for managing RBI’s internal financial functions was mooted.  

NEW ROLE

Sudha Balakrishnan, who takes charge from May 15, will specifically oversee the Reserve Bank’s accounts department. She will also be in charge of the budget process

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