SRINAGAR, JULY 5: Pratik D Punjabi has joined J&K Bank on 1st July as Chief Financial Officer (CFO) replacing Rajni Saraf, who superannuated on June 30. He was appointed as CFO by the Bank’s Board of Directors on 10th June for a three year term.
As Chartered Accountant from ICAI and having worked at Kotak Mahindra Group, IDBI Bank, Bank of America and HSBC besides leadership role in First Abu Dhabi Bank and a top rated finance company in Oman, MUSCAT Finance SAOG; Pratik D Punjabi brings a wealth of knowledge and rich experience to the CFO position in the Bank. With 22 years of professional experience in finance, he has functioned mainly with MNCs Banks with focus on contemporary finance that primarily includes Financial Control, Financial Compliance, MIS, Strategy, Business Finance, Branch Profitability Analysis, Setting-up systems, Process studies and evaluation of projects and viability studies. He has been in Finance-leadership roles for over 8 years.
Notably, the Chief Financial Officer (CFO) is a c-suite executive responsible for managing the financial matters of a company and defined among Key Managerial Personnel (KMPs) as per Section 2(51) of the Companies Act 2013. The appointment is in compliance to the regulatory requirements of RBI which prescribe that the CFO should be a qualified Chartered Accountant with professional experience of fifteen years in overseeing financial operations, preferably accounting and taxation matters, in banks/large corporates/PSUs/ FIs/financial services organizations, of which 10 years should be in Banks/FIs (of which five years should be at senior management level).