NSDL executive Sudha Balakrishnan has been appointed the first ever chief financial officer (CFO) of the Reserve Bank of India (RBI) effective May 15, in what is the biggest organisational change since Urjit Patel took over as RBI governor in September 2016, three people familiar with the information said.
Balakrishnan, a chartered accountant, was till recently vice president with the National Securities Depository Ltd (NSDL), India’s first and largest depository, before joining RBI. She will be the 12th executive director of the RBI, and will have a three year term.
At the RBI, Balakrishnan will be in charge of the central bank’s balance sheet to ensure accounting policies and procedures comply with regulations.
A recruitment notice issued in October 2017 said the new CFO will also be responsible for communicating an accurate and timely reporting of the central bank’s financial performance and oversee its budgetary processes.
Besides internal accounts and budget, the CFO will also be in charge of corporate strategy functions like deciding the provident fund rate, which the central bank manages for its employees.