RBI Staffers Object To Plan To Appoint A Chief Financial Officer
In May, the RBI had put out an advertisement for a CFO
The Reserve Bank of India’s (RBI) plan to appoint a chief financial officer is facing opposition from its staffers, the government said in response to a query in the Lok Sabha. The RBI had invited applications for a CFO in May but is yet to conclude the appointment.
“Reserve Bank of India (RBI) has informed that the RBI Officers’ Association expressed their reservations on the appointment of Chief Financial Officer (CFO) on various grounds including rank of CFO, need of CFO, lateral recruitment, etc,” said the government’s response to a query which asked whether the plan had run into trouble. The government’s response added that similar opposition has been seen in the case of previous lateral appointments as well.
In its advertisement, the RBI had said that it is looking for a CFO to help with the “accurate and timely presentation and reporting of financial information of the Bank”.
Applications were sought from experienced professionals who can help run the central bank’s accounts. The key job responsibilities for such a professional would include communicating the bank’s expected and actual financial performance and overseeing the budget process. The CFO would also ensure compliance with financial regulations and flag off any risks to the central bank’s finances, said the advertisement.
While most of the RBI’s staff are central bank lifers, the organisation does seek external expertise every now and then. One of the four deputy governors, for instance, is an experienced banker. In addition, during former governor Raghuram Rajan’s tenure, external candidates were also brought into the research department.
