RBI urges banks to appoint CFOs and CTOs

Mumbai: The Reserve Bank of India (RBI) on Thursday urged banks to appoint chief financial officer (CFO) and chief technology officer (CTO) in their management structure with a minimum 15 years of experience in relevant areas.

"Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A CFO and CTO in banks` management structure would play a crucial role in strengthening and sustaining the banks` risk governance framework," RBI said in a notification.

"It is, therefore, advised that banks, while inviting applications for these positions, stipulate, at a minimum, the qualifications and experience for the CFO and CTO."