RBI appoints Sudha Balakrishnan as the first CFO of RBI; this is what she will earn

The Reserve Bank of India (RBI) has selected NSDL exec Sudha Balakrishnan as their its chief financial officer (CFO). She has joined the central bank from May 15, and will have a tenure of 3 years. However, RBI has not released any notification yet, but three people familiar with the information told Economic Times that, Balakrishnan has been appointed the first ever CFP of the RBI effective May 15, in what is the biggest organisational change since Urjit Patel took over as RBI governor in September 2016. 

Balakrishnan a chartered accountant was Vice President of India’s first and largest depository the National Securities Depository Ltd (NSDL). She will be the 12th executive director at RBI. 

In month of October 2017, the central bank invited applications  from Indian nationals for one post of CFO in the rank of Executive Director (ED) in Reserve Bank of India.  

Job Responsibilities

• Responsible for accurate and timely presentation and reporting of financial information of the Bank.
• Establish accounting policies and procedures wherever required.
• Compliance with financial regulations and standards wherever applicable.
• Communicate both the Bank’s expected and actual financial performance.
• Overseeing the budget process, collecting of inputs and comparing the Bank’s actual performance vis-à-vis the budget estimates.
• Flagging risks to the finances – operational, market etc. And developing strategies to counter / mitigate the same.

RBI also highlighted the pay scale in that month, which can be expected to what Balakrishnan will receive. 

Balakrishnan will draw a starting basic pay of Rs 1,20,500/ p.m. in the scale of Rs 1,20,500 – 3500 (2) – Rs  1,27,500 (3 years) applicable.

She will also be eligible for Dearness Allowance, House Allowance, Special Allowance and Local Compensatory Allowance and JAIIB / CAIIB Allowance as per rules in force from time to time.

The Gross monthly emoluments for the post will be Rs  2,57,840 (Approx.)