Reserve Bank of India, abbreviated as RBI, is one of the most prestigious institutions of our nation. Who doesn’t what a Government Job with a good pay? I mean most of us want. Getting a job in a prestigious institution like RBI is an absolute blessing. So, today I’ll guide and take you through one such job. The job is of an RBI Grade B Officer and we’ll get to know everything in detail about the same. Before discussing about the salary and Career Growth of RBI Grade B officers, let us first discuss what actually is RBI? What are the various functions it performs? What is its organizational setup?
Functions Of RBI
Its primary function is “to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.”
The above-mentioned statement in quotations is the preamble of RBI, so we can infer that Reserve Bank of India or the Central Bank is the only organization that has primary right of controlling the Indian Rupee, controlling the Indian Rupee implies that RBI issues the Indian Money and supplies it as well. Supervision of financial sector comprising of commercial banks, financial institutions and non-banking finance companies, are various functions that RBI performs.
RBI is also called the Central Bank, ever wondered why? The answer to this question is that RBI is the only bank where commercial banks deposit money. One of the most important tasks of RBI is to detect fake currency with an additional responsibility of regulating the country’s financial system.
Hierarchy of Designation In RBI
So obviously, since RBI is a central agency, it must have a system of its working. To begin with, RBI’s senior most post is that of a Governor, followed by Dy Governors and so on and so forth. The complete hierarchy of this system is as follows:
Assistants > Sr/Spcl Assistants > Asst Managers > Managers > Asst General Managers > Dy GM
> GM > Chief Gen Managers > Executive Directors > Dy Governors > Governor
Board Of Directors
Just like any other business organization, RBI also has a board of directors and they form an integral part of the Central Bank. But unlike business organizations, the board of directors appointed isn’t permanent, they are elected by Government of India after every four years. The committee comprises of a governor, and not more than four deputy governors; four directors to represent the regional boards; usually the Economic Affairs Secretary and the Financial Services Secretary (from the Ministry of Finance) and 10 other directors from various fields.
What is Grade B?
After gaining a basic knowledge about RBI and its working let us now discuss about RBI Grade B. To begin with the first and the foremost question that pops in our heads in what is RBI Grade B? Basically, the posts, mentioned in the above hierarchy, are graded as well. The grading begins from the post of assistant manager, grade A, then the next grade i.e grade B is that of a manager and goes on till Chief General Manager (grade F). When we have so many grades then what makes Grade B important? Well Grade B is the highest post at which open recruitment takes place and beyond this, promotion of post takes place.
RBI has 20 different departments therefore the work profile of a manager (grade B) is totally dependent on the department he is placed in.
But for getting selected for RBI Grade B post, a person has to qualify some basic eligibility criteria like the person applying for the post should be a citizen of India and the minimum education qualification level required is as follows:
Officers in Grade ‘B’ (DR) – (General)
A minimum of 60% marks (50% in case of SC/ST/PwBD) or an equivalent grade in Bachelor’s degree as well as in 12th (or Diploma or equivalent) and 10th Standard examinations.
The minimum qualifying percentage or an equivalent grade for the Bachelor’s degree will be in aggregate for all semesters / years
Officers in Grade ‘B’ (DR) – DEPR
A Master’s Degree in Economics / Econometrics / Quantitative Economics / Mathematical Economics / Integrated Economics Course/ Finance, with a minimum of 55% marks or an equivalent grade in aggregate of all semesters /years from a recognized Indian or Foreign University /Institute.
Candidates having M.Phil. Degree and Doctorate Degree from a recognized Indian/Foreign University/Institute in the specified subjects will be eligible for relaxation in the upper age limit by 2 years and 4 years respectively.
Candidates having Master’s Degree with Research/Teaching experience at a recognized Indian/Foreign University/ Institute will be eligible for relaxation in upper age limit to the extent of number of years of such experience subject to a maximum of three years. For experience, probationary period will not be reckoned.
Salary of RBI Grade B Officer
An RBI Grade B Officer receives a basic pay of Rs. 35,150/- p.m. in the scale of Rs. 35150-1750 (9)-50900-1750 (2)-54400-2000 (4)-62400 and they will also be eligible for Dearness Allowance, Local allowance, House Rent Allowance, Family allowance and Grade Allowance as per rules in force from time to time.
At present, initial monthly Gross emoluments are approximately Rs. 75,831/-(approx.). The selected officer receives various prerequisites like accommodation subject to availability, reimbursement of expenses for maintenance of vehicle for official purpose, newspaper, telephone charges, book grant, allowance for furnishing of residence, etc. as per eligibility. Free dispensary facility besides reimbursement of medical expenses for OPD treatment/hospitalization as per eligibility. Interest free festival advance, Leave Fare Concession (once in two years for self, spouse and eligible dependents).
Loans and Advances at concessional rates of interest for Housing, Vehicle, Education, Consumer Articles, Personal Computer, etc. Selected candidates will be governed by ‘the defined contribution New Pension Scheme (NPS)’, in addition to the benefit of Gratuity.
At certain centers, limited numbers of residential quarters are available. Facility for securing residential accommodation on lease, however, exists at all centers.
Initial appointment will be on probation for a period of two years. At Bank’s discretion, the probationary period may be extended up to a maximum period of four years. There are reasonable prospects for promotion to higher grades.
The candidates have to give three basic exams (Preliminary Exam, Mains Exam, Interview). While the Prelims phase is Objective in nature, Mains phase would comprise of the objective as well as descriptive tests.
Post appointment, the candidates undergo a training of almost 15 weeks and the total probation period is 2 or 4 years and it depends upon the performance of the candidate. Candidates selected as Officers in Grade B scale can reach up to the level of Deputy Directors in their promotion policy and eligible candidates need to appear for specific promotional exams, in order to be promoted to the next level.
Basically, the post allotted after clearing the RBI Grade B exam is excellent as it contains various perks and a decent salary, and one should always give it a try.
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