State Bank of India (SBI) said its Chief Financial Officer Charanjit Surinder Singh Attra has resigned from his position. The bank said in a filing to stock exchanges that “… we submit that Charanjit Surinder Singh Attra, Chief Financial Officer, has resigned from the services of the bank, the resignation is accepted by the appropriate authority with effect from close of the business hours on 30th June 2023″.
In a separate filing, India’s biggest lender shared about the appointment of four directors on the bank’s central board for a period of three years. Two of the bank’s directors, Ketan Shivji Vikamsey and Mrugank Madhukar Paranjape, have been re-elected for another term. The new two directors who have been appointed are Rajesh Kumar Dubey and Dharmendra Singh Shekhawat.
Charanjit Surinder Singh Attra was a part of SBI since October 2020. SBI invited applications from candidates for the CFO position on a contract basis in June 2020. He is a chartered accountant with command of Indian GAAP, US GAAP, IFRS, and SEC regulations. Earlier, Charanjit had worked with prominent firms and also worked as a Partner at EY India. He had kept a high-ranking position at ICICI Securities.
With the ICICI Bank Group, he worked for 12 years wherein he was involved in different areas like investment banking, finance (including raising funds through equity and debt), commercial and retail banking, financial accounting, and operations.
Charanjit Surinder Singh Attra was a replacement for Prashant Kumar who moved to Yes Bank as an initiative by the State Bank of India in its rescue operations.
Charanjit had worked on IFRS / IND AS conversions for Banks, Insurance companies, and other financial institutions in India. He has also been nominated on different committees of the Institute of Chartered Accountants of India, and the Reserve Bank of India. He was a special invitee on the National Advisory Committee on accounting standards established in the Ministry of Company Affairs.
He also got the best CFO award for four years from the CFO Institute and has also been awarded by the ICAI for contributions to the finance field. He has been invited by various forums to speak on finance-related subjects.
So, let us understand what is the role of the CFO.
The Chief Financial Officer – CFO is the highest-ranking position in the finance domain of a company. He is responsible for the financial well-being of the company. The CFO has several responsibilities including budgeting, cash-flow management, advising the CEO on important matters like mergers and acquisitions targets, planning for IPOs, capital budgeting, and also checking for investor relations.
CFOs also have a key role in implementing environmental, social, and corporate governance – ESG reporting standards that have been set by the Global Reporting Initiative – GRI. CFOs are also held responsible for providing non-fraudulent and accurate information on the quarterly, half-yearly, and annual financial reports of the company.