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Report: Reserve Bank of India names first CFO

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Report: Reserve Bank of India names first CFO

The Reserve Bank of India appointed Sudha Balakrishnan as its first ever CFO, effective May 15, The Economic Times reported May 28, citing three sources.

Balakrishnan, who was previously vice president of the National Securities Depository Ltd., will be the central bank's 12th executive director, with a three-year term.

The idea to have an officer handling the internal financial functions at the central bank was first floated during Raghuram Rajan's term as governor. After Urjit Patel took over the role, it was decided in consultation with the government to have a CFO position at the rank of an executive director.

The CFO position was first advertised in May 2017. An executive from a foreign bank was selected for the role, but declined it due to differences regarding remuneration, the publication reported. The post was advertised again in October 2017.