LENDERS SHOULD HAVE CFOs, CTOs
Banking Sector has been witnessing various changes in the recent past. Banks are expected to have people devoted fully for handling the functions of CFOs and CTOs, which is not yet complied with by many of the Banks. Now RBI has come out with yet another change in the working of banking system.
Banks should appoint qualified chiefs who could alone head the crucial and critical areas related to Technology and Finance related areas. The minimum qualifications for the Chief Financial Officers (CFOs) and Chief Technology Officers (CTOs) is now mandatory.
REQUIREMENT FOR A CTO POSITION:
- A CTO should be an Engineering graduate or hold a Masters degree in Computer Applications (MCA) or equivalent qualification
- He/She should have 15 years’ experience in banking Information Technology related projects.
- Further a CTO’s experience should include work areas related to IT policy and planning, financial networks and applications, financial information systems, cyber security technologies and payment technologies.
- Out of this, five years’ experience should be related to senior management level.
This is said to be now strictly made compulsory in view of the recent ransomware WANNACRY cybersecurity, which has brought in great concern.
For a CFO’s post, RBI stipulates the following conditions:
REQUIREMENT FOR A CFO POSITION:
- The person should be a Chartered Accountant and should hold an experience of 15 years.
- This experience should include overseeing financial operations, preferably accounting and taxation matters in banks or large corporates/state-run enterprises/financial institutions.
- Out of this, 10 years, should be with banks or financial institutions, including five years at a senior management level.
Also RBI advised banks to stipulate minimum requirements while inviting applications for the posts of CFOs and CTOs.