Sudha Balakrishnan appointed as first-ever Chief Financial Officer (CFO) of RBI

Sudha Balakrishnan, the Vice-President of National Securities Depository Ltd (NSDL), has been appointed the first-ever Chief Financial Officer (CFO) of the Reserve Bank of India (RBI). She will hold the rank of executive director and will have a 3-year term. The CFO will be responsible for reporting of financial information of the central bank, establishing accounting policies and ensuring compliance with regulations. The CFO will also be entrusted with communicating RBIs expected and actual financial performance and overseeing its budget processes. As CFO, Balakrishnan will also be in charge of the dividend RBI pays to the government, which is crucial in the final budgetary calculations. Under the RBI Act, 1934, the central bank is required to pay the government its surplus after making provisions for bad and doubtful debts, depreciation in assets and, contribution to staff and superannuation fund among others. RBI follows a July to June financial year.