Rashmi Joshi has more than 25 years of experience in the finance departments of FMCG, pharmaceutical, consumer durable and lubricants industries. Her expertise has seen her play a key role in creating and implementing a five-year growth strategy and vision for India and South Asia for Castrol India, whilst leading the India finance team and working to develop talent for India and the wider BP company, of which Castrol is a subsidiary.
Road to success
Having been with Castrol India for almost 15 years, Rashmi has progressed through the roles of General Manager Finance and Accounts, Performance Reporting and Forecasting Manager for the Asia and Pacific Region (for BP), before entering her current role in 2013 as CFO and Whole Time Director.
Alongside her role at Castrol India, she is also a member of the National CFO Council of FICCI, and an independent director for both Thirdware Solution Ltd and Godrej Industries Ltd.
Having studied for her Bachelor of Commerce in Accounting and Auditing at the University of Mumbai, Rashmi later became a Chartered Accountant and Company Secretary. Alongside these traditional qualifications, she completed the Women’s Directorship programme at Hong Kong University, as well as the Women on Corporate Boards programme for Independent Directorship run by FICCI.
Prior to her current position, Rashmi worked in various finance roles for Carrier Aircon Ltd, Nutricia, and Godrej Sara Lee Ltd. Alongside her career at Castrol, these previous roles gave her experience in leading large and cross-cultural teams across countries. This valuable knowledge led to her current success.
Communication + an open mind = successful leadership
Communication is an important part of Rashmi’s role, and she is always keen to listen to new ideas whilst collaborating with business partners and service providers to drive the change that creates a better environment for all involved.
Her managerial skills were admirable in her initial roles too, as Niket Ghate, previously Legal Head and Corporate Secretary at Carrier Aircon Ltd, notes “Rashmi demonstrated exemplary leadership to help the business on the ground,” and that her key qualities, “willingness to collaborate, decisiveness, and ethical leadership,” are what made her so great to work with.
Rashmi is always open to new ideas and is enthusiastic about embracing positive technological change. With her leadership, Castrol now has more than 98% of its collections electronically, and approximately 80% of those are by direct debit. This is one of the best examples in an industry where cheque payments generally prevail. Rashmi is a recognised thought leader in exploring and using digital technological disruptions to drive innovative solutions for business growth and to explore future business models, and she regularly speaks on panels to share her insights on the subject.
Innovation and execution
Rashmi’s role involves rallying support to devise and implement digital strategies and maintain a driving focus on key digital transformation initiatives. Fast Scan is an example of this. It enables mechanics to receive automated incentive payments instantly into their bank accounts, supporting strategic brand growth. The use of bank accounts instead of cash payments marks a milestone for financial inclusion in an industry that traditionally preferred cash transactions.
Ewald Van der Ven, who worked as the Managing Director of Nutricia India Pvt Ltd with Rashmi, says that “her openness and trust was a major support,” as well as her good sense of humour. Her wide array of knowledge not only covers finance, but also corporate and company governance, which according to Van der Ven, is important for any CFO so they can help to bring the business forward and come up with ideas – exactly as Rashmi does.
