Bank to have CFO and CTO

Reserve Bank of India vide notification dated 18.05.2017 has suggested that all Scheduled Commercial Banks should have Chief Financial Officer (CFO) and Chief Technical Officer (CTO). These are the jobs which require specialized qualification and experience.

Presently all Banks do not have these specialized qualified persons for these jobs and now RBI has suggested minimum qualification and experience for these jobs.

Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer (CFO) and Chief Technology Officer (CTO) in banks’ management structure would play a crucial role in strengthening and sustaining the banks’ risk governance framework says RBI.

For the first time RBI has also invited applications for Chief Financial Officer in the rank of Executive Director from Chartered Accountants having relevant experience.

RBI has advised that banks, while inviting applications for these positions, stipulate, at a minimum, the qualifications and experience for the CFO and CTO.

Banks may, however, prescribe additional qualifications and experience as they deem fit, taking into account the risk profile, size and scale of operations.

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Minimum qualifications and experience for CFO and CTO advised by RBI

Chief Financial Officer

Minimum Qualification: He/she should be a qualified Chartered Accountant.

Experience: Fifteen years in overseeing financial operations, preferably accounting and taxation matters, in banks/ large corporates/ PSUs/ FIs/ financial services organizations, of which 10 years should be in Banks/FIs (of which five years should be at senior management level).

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Chief Technology Officer

Minimum Qualification: Engineering Graduate or MCA or equivalent qualification from a recognized University / Institution.

Experience: 15 years of experience in relevant areas is mandatory. He/she should have worked in Banking-IT related areas/projects involving IT Policy and Planning/ Financial Networks and Applications/ Financial Information Systems/ Cyber Security Technologies/ Payment Technologies, etc., of which five years should be at senior management level.