Beena Parmar Moneycontrol News
If you are a Chartered Accountant (CA) aged 45-55 years of age, a job is awaiting you. The Reserve Bank of India has opened applications for the job of Chief Financial Officer at the rank of Executive Director.
This is a first by the central bank as till now, it did not have a dedicated official handling the finance function but worked out by internal staff.
For contractual appointment, the cost to company (CTC) per month works out as Rs 2 lakh per month with housing and Rs 4 lakh per month without housing (due for revision) with an annual increase of 3-5 percent of gross CTC or regular revision as applicable.
For regular appointment, the RBI will pay a starting basic salary of Rs 120,500 per month along with dearness, house, special and local compensatory allowances and the gross emoluments will be at Rs 240,660 per month.
The appointment will be part of a major organisational change being carried out by governor Urjit Patel.
Lateral hiring within the RBI has been spoken about since Patel’s predecessor Raghuram Rajan who had proposed the idea to hire new talent from outside the central bank.
He had pursued an idea of creating a chief operating officer at RBI but was rejected by the government as it involved changing the RBI Act. Nevertheless, Rajan had hired a slew of specialists from outside.
In a 2,500-word letter to the RBI staff on the last day of 2015, Rajan had said: “While we will look for homegrown talent where possible, we need lateral entry in some areas — provided internal people have a fair chance to compete for the jobs.”
Rajan spoke about maintaining vibrancy within the institution and called out the rot within the RBI cautioning all 17,000 employees to come out of complacency and self-satisfaction where lies “slow descent into mediocrity”.
For the role of CFO, the central bank has called for CAs eligible for the job with desirable additional degrees — CFA/MBA in Finance; Certificate in Financial Risk Management from internationally acclaimed University/Associations like GARP.
The appointment will be made for three years and may be extended to maximum of two more years. The performance of appointee will be reviewed annually to decide on the continuance of contract. On completion of 3 years, stagnation allowance may be given which will not be admissible for Dearness Allowance or any superannuation benefits, it said.
The central bank’s application said that the job role requires a minimum of 15 years in overseeing financial operations in banks or financial institutions or large financial companies after acquiring CA qualification of which a minimum of 5 years should be as a full time CFO or an equivalent position in a regular capacity – and not in a contractual/adhoc capacity.
In the recruitment advertisement put out on Monday, RBI has sought 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, it said.
The banking regulator has also invited its own staff with the prescribed qualifications currently working as Chief General Manager, or, as General Manager with five years’ experience in the grade.
The candidates applying for the post must submit their application by post to “The General Manager, Reserve Bank of India Services Board, IIIrd Floor, RBI Building, Opp. Mumbai Central Railway Station, Byculla, Mumbai - 400008” along with relevant documents as mentioned on its website.
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