Balakrishnan will continue as a member of Infosys board and will be responsible for three key businesses -- Business Process Management (or Infosys BPO), Financials and the India Business Unit.
Infosys executive co-chairman S Gopalakrishnan said Balakrishnan is one of the finest CFOs in the country. He has led his team in setting new standards in financial reporting, corporate governance and compliance.
"A top performer, he successfully managed a high quality financial model which has withstood the pressure of the current economic downturn," he said.
"Given his belief that younger people should get strategic opportunities to shape this company, he has voluntarily given up his CFO position and instead chosen to focus on Infosys BPO, Financial and the India Business Unit," he added.
Gopalakrishnan said Bansal has been a very bright 'star' in the finance department.
Bansal has been with Infosys for 13 years and has been heading the finance function under Balakrishnan, he added.