Minimum Qualification for Bank CFO prescribed by RBI as Qualified CA
The RBI has prescribed Minimum Qualifications for the position of CFO in Banks as Qualified Chartered Accountant, besides 15 years experience 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).
RBI has observed that rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. Further, 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.
Therefore, RBI has advised banks to stipulate minimum qualification for CFO as qualified CA while inviting applications for the position. Banks may, however, prescribe additional qualifications and experience as they deem fit, taking into account the risk profile, size and scale of operations.