IDBI Bank said that it has appointed executive director P Sitaram as a chief financial officer (CFO) and key managerial personnel of the bank.
The appointment follows the RBI’s direction to ensure adherence to the minimum qualification criteria for the position of CFO. Sitaram is a qualified chartered accountant and has over 15 years of experience in handling finance and accounts and taxation matters in IDBI Bank.
The RBI’s directive to banks to appoint qualified CAs as CFO is compelling banks to cast a wider net in their search for candidates. Besides the academic qualification, RBI requires the CFO to have 15 years of experience in overseeing financial operations such as accounting and taxation and most of it in a bank or financial institution.
SBI had appointed former EY partner Charanjit Surinder Singh Attra as CFO in September last year after advertising for the position. The bank had offered an annual cost to the company of Rs 75 lakh to Rs 1 crore which was almost thrice of what the chairman earned at that time.
The RBI too hired laterally for the CFO position. The central bank had appointed Sudha Balakrishnan a CA and former director with National Securities Depositories Limited (NSDL) as its CFO in 2018.