With speedy changes in banking sector, the RBI urged banks to appoint qualified chiefs to head the critical finance and technology functions.
The central bank also came out with minimum qualifications for the chief financial officers (CFOs) and chief technology officers (CTOs).
“Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology,” it said in a notification.
It can be noted that while banks have dedicated people handling these two functions, not all the banks have designated CFO or CTOs yet.
This experience should involve five years at the senior management level, said the notification which comes amid heightened concerns on cyber security security following the discovery of ransomware ‘Wannacry’.
RBI also came out with minimum qualifications for the chief financial officers (CFOs) and chief technology officers (CTOs).
(i) 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).
(ii) 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.