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Direct Recruitment of Chief Financial Officer in the rank of Executive Director in Reserve Bank of India
May, 16th 2017

1. Applications are invited for one post of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India.

There is no reservation for SC/ST/OBC candidates. However, they can apply as General candidates without being eligible for any concession/relaxation.

2. Job Responsibilities:

  1. Responsible for accurate and timely presentation and reporting of financial information of the Bank.

  2. Establish accounting policies and procedures wherever required.

  3. Compliance with financial regulations and standards wherever applicable.

  4. Communicate both the Bank’s expected and actual financial performance.

  5. Overseeing the budget process, collecting of inputs and comparing the Bank’s actual performance vis-à-vis the budget estimates.

  6. Flagging risks to the finances – operational, market etc. And developing strategies to counter / mitigate the same.

  7. CFO will have oversight of the following departments:

i. Department of Government and Bank Accounts:

Formulating the accounting policy of the Bank, maintaining the internal accounts and reporting of financial results through various statements of accounts, Balance Sheet and Profit & loss Account (performing financial controller type function).

ii. Corporate Strategy and Budget Department:

  1. Formulation of policy relating to Provident Fund, Actuarial valuation of investments of various staff welfare funds in eligible Government Securities, preparation of notes to Board on the position of various funds and on PF interest rates.

  2. Policy work relating to Budget, including consolidation of budget for the Bank as a whole, notes to Board / Top Management, sanction of additional budget, review and amendment of Expenditure Rules.

  3. Prepare the policy and broad guidelines regarding Business Continuity Planning (BCP); however, the same would be implemented by departments concerned. Strategy for BCP would be framed by Risk Monitoring Department.

iii. Department of Corporate Services:

  1. Framing guidelines for award of rate contracts for activities such as floatation of tenders for printing, distribution of publications.

  2. Centralised procurement / arrangements of various stationery items, courier services etc.

  3. Document Management System – framing policies and broad guidelines in respect of the system and preservation period of documents.

3. Eligibility Criteria (as on 01.05.2017):

(i) Age: The applicant should be between 45-55 years of age.

(ii) Qualifications:

  1. Essential: He/she should be a qualified Chartered Accountant.

  2. Desirable: Additional Degrees viz. CFA / MBA (Finance) / Certificate in Financial Risk Management from internationally acclaimed University / Associations like GARP.

(iii) Experience : A minimum of 15 years in overseeing financial operations in Banks /FIs /large financial companies/financial services organisations post acquiring CA qualification of which a minimum of 5 years should be as a full time Chief Financial Officer or an equivalent position in a regular capacity – and not in a contractual / adhoc capacity.

(iv) Staff Candidates: Staff candidates with the prescribed qualifications currently working as Chief General Manager, or, as General Manager with five years’ experience in the grade are eligible to apply.

4. Service conditions / Career Prospects:

(i) Nature of appointment: Candidates can choose between Regular Appointment (on permanent basis) on Pay Scales of the Bank or on Contract Appointment on Cost to Company (CTC) basis.

(ii) Compensation for the Post:

a. For regular appointment (on permanent basis) on Pay Scales of the Bank

  1. Selected Candidates will draw a starting basic pay of 1,20,500/ p.m. in the scale of 1,20,500 – 3500 (2) – 1,27,500 (3 years) applicable for the post of Executive Director.

  2. The selected candidates will also be eligible for Dearness Allowance, house Allowance, Special Allowance and Local Compensatory Allowance as per rules in force from time to time.

  3. The Gross monthly emoluments for the post will be 2,40,660/ (Approx.)

  4. The selected candidate will be eligible for all the perquisites as available to the post of Executive Director.

  5. The selected candidate will be eligible for superannuation benefits as per applicable rules.

  6. The candidate selected will be governed by RBI Staff Regulations 1948.

  7. Initial appointment will be on probation for a period of one year. At Bank’s discretion, the probationary period may be extended by one year, if necessary.

  8. On completion of 3 years, stagnation allowance may be given which will not be admissible for Dearness Allowance or any Superannuation benefits.

b. For Contract Appointment on Cost to Company (CTC) basis.

  1. The cost per month works out as 200,000/ per month with housing and 4,00,000/ per month without housing (due for revision).

  2. An annual increase @ 3% to 5% of Gross CTC or the regular revision of CTC itself as applicable, may be given.

  3. Besides the advertised remuneration, no other money / allowance / perks would be payable. However, facility of the Lounge and Dispensary at the office will be allowed.

  4. The appointment will be made for a period not exceeding three years, which would be extended to maximum for a period not exceeding two more years.

  5. The performance of appointee will be reviewed annually to decide on the continuance of contract.

  6. The appointee will be governed by “Code of Conduct”.

c. Career Progression: CFO will not be eligible for being considered / shortlisted for any career progression.

d. Place of Posting: The position / place of posting of candidate will ordinarily be Central Office Mumbai.

5. Selection Procedure: Selection will be through interview oly. A preliminary screening of the applications will be carried out for making, if necessary, a short-list of eligible candidates to be called for the interview. While shortlisting candidates the Board may apply a criteria which may consider additional qualifications, greater experience and level of responsibilities handled. Hence, merely fulfilling the minimum requirements laid down for the post would not automatically entitle any candidate for interview. The place and date of interview will be advised to the short-listed candidates in due course.

6. How to apply:

(i) 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” in the prescribed format (as given below in this advertisement).

(ii) The recent photograph is to be pasted at the appropriate place and application should be signed by the candidate. Incomplete and illegible applications will be rejected.

(iii) The cover containing the application should be super scribed with the name of the post applied for i.e. ‘APPLICATION FOR THE POST OF CHIEF FINANCIAL OFFICER’.

(iv) The following documents should be submitted along with the application:

  1. Proof of age (copy of passing Secondary/High School/10th standard Certificate or Higher Secondary School /12th Standard Certificate mentioning the DoB).

  2. Copy of Certificates and Mark sheets in respect of qualifications acquired.

  3. Appropriate document(s) in support of desirable experience.

7. General rules/ instructions:

(i) Application format is given at the end. Candidate should apply strictly in conformity with the format as prescribed.

(ii) Candidates should enclose copies of the relevant certificate/s (in support of age, educational qualification) and appropriate documents in support of the experience, with the application. Their candidature will be considered on the strength of the information declared in the application and the copies of certificates/ documents submitted therewith. If at any stage it is found that any information furnished in the application is false/incorrect or if according to the Board, the candidate does not satisfy the eligibility criteria, his/her candidature/appointment is liable to be cancelled/terminated.

(iii) Candidates called for interview, will be reimbursed to and fro actual Economy Class air fare by the shortest route from the place of their residence/place of work to the place of interview whichever is nearer.

(iv) Canvassing in any form will be a disqualification.

(v) In all matters regarding eligibility, conduct of interviews, assessment, prescribing minimum qualifying standards in interview, in relation to number of vacancies and communication of result, the Board’s decision shall be final and binding on the candidates and no correspondence shall be entertained in this regard.

(vi) Candidates already in service of Govt./Quasi-Govt. organisations and Public Sector Banks/Undertakings will have to produce discharge certificate from the employer at the time of appointment in RBI.

(vii) Any resultant dispute arising out of this advertisement shall be subject to the sole jurisdiction of the Courts situated at Mumbai only.

(viii) Please note that Corrigendum, if any, issued on the above advertisement, will be published only on the Bank’s website

8. CLOSING DATE: The application, enclosing all prescribed documents should reach the Board’s Office on or before 5.00 P.M. on June 2, 2017. The Board takes no responsibility for any delay in receipt of Application/s or loss thereof in postal transit.

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