Building a career with Reserve Bank of India is not just another career option. It is more than a job, it is a commitment to serve the nation with the opportunity to make an impact on the financial and economic sector of the country. A career in the RBI is very rewarding and stable, it enables a person to fulfill his/her ambitions in the financial sector. A RBI job offers a number of benefits and good quality of life even in compared to most of the government jobs in India.
Different Roles in RBI
Working for RBI brings you a wider canvas in finance and public policy sector. RBI gives you an opportunity to touch the lives of millions of Indians every day. Depending on the department a RBI employee works in, he/she has to deal with core financial aspects of the country e.g. ensuring stability of interest rates & adequate supply of currency, exchange rates, and productive liquidity for productive sectors. The RBI is the central bank which controls credit flow to desired sectors and monitors financial movements, markets, and institutes.
Following are the different roles an employee can play working for RBI:
Monetary Authority
RBI constantly works to keep inflation under control and ensures sufficient supply of liquidity for the productive sector as also towards financial stability.
Supervisor of the Financial System
Prescribe regulations to ensure sound functioning of financial institutes and banks including non-banking finance companies. RBI promotes best practices in risk management and corporate governance to protect depositors’ interest and to build public confidence in the financial system of the country. It also encourages use of modern technology in banks to provide cost-effective and secure service to consumers.
Issuer of Currency
This role requires one to ensure good quality coins and currency notes in adequate quantity. RBI mobs up unfit coins and notes for circulation and advises the government on designing notes with advanced security features.
Manager of Foreign Exchange
Working in this role is challenging and requires one to formulate policies to facilitate external payments and trade, facilitates foreign investments in India and Indian investments abroad and promotes orderly development of foreign exchange markets.
Banker to the Government
Maintain accounts of state and central governments. It requires development and orderly functioning of government securities market. Advises state and central governments in better cash management.
Payment Systems
In this department, an employee needs to work towards establishing modern, efficient, robust, integrated payment and settlement system for the nation.
Bankers’ Bank
It ensures adequate liquidity on a daily basis in individual banks and the financial system.
Development Role
Here an employee needs to perform a wide range of functions to support country objectives such as ensuring development and orderly growth of financial markets and institutions, creating institutions to serve specialized needs and extending the organized financial sector to all parts of the economy.
Under Research
Regarded as the major source of information on Indian financial system. It analyses the problems and issues affecting the Indian economy. Offers advice on policy formulation and shaping banking, monetary and financial policies. It also provides warehouse data to enable decision making.
RBI Job Grades
RBI employees are grouped as per their seniority level in 6 groups ‘A t0 F’. Group ‘F’ is considered as the senior most level and Group ‘A’ is the junior-most grade. RBI employees are divided into three different classes – Class I, III and IV. There is no Class II in RBI.
Class I employees are officers. Class I officers include Governor, Deputy Governors, Chief General Managers, General Managers, Assistant General Managers, Managers and more. RBI has a large number of employees working in Class III and IV who work as service staff and other sub-ordinate level. Salary, benefits and perks are differs from Class to Class and Group to Group for RBI employees.
Eligibility Criteria
The eligibility criteria required to become a RBI officer differs from one class to another and from one group to another. Depending on the Class and specific Group, requirement for educational qualification differs e.g. working as Assistant in RBI requires a Graduate degree in any discipline with 50% marks for General category students. Similarly, to work as officer in Grade B (General)-DR, a candidate should be at least a Frist Class Graduate with a minimum of 60% marks, in aggregate of all semesters/years. And regarding age criteria, an Assistant should be between 18 – 28 years to be eligible to apply and to apply for Grade B officer post, one has to be between 21 to 30 years. However, candidates belonging to the SC/ST/PWD will get age relaxation.
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