State Bank of India on Thursday announced the appointment of Charanjit Attra as its new chief financial officer, the lender said in an exchange filing. Attra is one of SBI’s latest lateral hires and will report to J Swaminathan, deputy managing director of the finance department. Prior to joining SBI, Attra worked as a partner at global consulting firm EY. In one of his earlier roles he served as the CFO of 3i Infotech and ICICI Securities.
Attra will be responsible for overseeing statutory audit functions in the bank besides coordinating with the banking regulator and the National Financial Reporting Authority on auditor related issues. ET had reported in June that the state-owned lender had invited applications to laterally hire a chief financial officer on contract, offering to pay the candidate up to Rs 1 crore a year – significantly more than the standard salary of the bank’s chairman.
The decision to laterally hire a CFO comes after the lender had sought clarification from the central bank on its mandate to appoint specialised officers who are qualified chartered accountants. With rapid changes in the banking sector, the central bank had urged banks to appoint qualified personnel to head critical functions such as finance to ensure a better risk governance framework.
In the guidelines published in May 2017, the central bank had recommended qualification as a chartered accountant and an experience of 15 years for the CFO’s post, besides experience in overseeing financial operations – preferably, accounting and taxation matters.
Attra will be responsible for overseeing statutory audit functions in the bank besides coordinating with the banking regulator and the National Financial Reporting Authority on auditor related issues. ET had reported in June that the state-owned lender had invited applications to laterally hire a chief financial officer on contract, offering to pay the candidate up to Rs 1 crore a year – significantly more than the standard salary of the bank’s chairman.
The decision to laterally hire a CFO comes after the lender had sought clarification from the central bank on its mandate to appoint specialised officers who are qualified chartered accountants. With rapid changes in the banking sector, the central bank had urged banks to appoint qualified personnel to head critical functions such as finance to ensure a better risk governance framework.
In the guidelines published in May 2017, the central bank had recommended qualification as a chartered accountant and an experience of 15 years for the CFO’s post, besides experience in overseeing financial operations – preferably, accounting and taxation matters.