RBI appoints Sudha Balakrishnan as its first Chief Financial Officer

Reserve Bank of India (RBI) has appointed Sudha Balakrishnan as the first Chief Financial Officer (CFO). She will be the 12th executive director of the RBI and will have tenure of three years.
Balakrishnan is chartered accountant by profession. Prior to this appointment, she was former executive vice president of National Securities Depository Limited (NSDL), India’s first and largest depository.

Key Facts

The new CFO will be in charge of RBI’s balance sheet to ensure accounting policies and procedures comply with regulations. She will be in charge of government and bank account department, which processes government transactions like payments and revenue collections. She will also oversee RBI’s investments in India and abroad.
She will also be in charge of dividend RBI pays to government, which is crucial in final budgetary calculations. Under RBI Act, 1934, RBI is required to pay government its surplus after making provisions for bad and doubtful debts, depreciation in assets and contribution to staff and superannuation fund among others.

Month: Current Affairs - May, 2018