The RBI has said that it has urged banks to appoint qualified chiefs to head the critical finance and technology functions to deal with the rapidly changing banking sector.
As per reports, the central bank also came out with minimum qualifications for the chief financial officers (CFOs) and chief technology officers (CTOs). Commenting on the issue, a RBI Official told the media, "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," he added.
The RBI further said that the CTO should be an engineering graduate, or hold a Masters in Computer Applications (MCA) or equivalent qualification with a 15-year experience in banking information technology-related projects.
This experience should involve five years at the senior management level. The RBI’s suggestion comes amid heightened concerns on cyber security security following the discovery of ransomware 'Wannacry'.