RBI urges banks to appoint qualified CFOs, CTOs

The Reserve Bank of India (RBI) has on May 18, 2017 urged banks to appoint qualified CFOs and CTOs to look after the critical function of finance and technology. Due to rapid innovations in the banking sector, there is great requirement for better risk governance in the areas of finance and technology. The CFOs and CTOs play a prominent role for strengthening and assisting the risk governance framework of the banks.

According to RBI, a CTO should be an engineering graduate or a Masters in Computer Applications(MCA) or having equivalent qualification with 15-year experience in banking information technology related projects. For the CFO’s post, there qualification should be Chartered Accountant with experience of 15 years, which should include supervising financial operations, accounting and taxation matters either in banks or large corporates/state-run enterprises/financial institutions, the RBI has advised.

The apex bank has guided all the banks to stipulate these essential conditions and requirements for appointment of CFOs and CTOs.