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The name RBI is very familiar to all of us. The Monetary Policy released in the country will be updated by the RBI. Every banking aspirant will be observing these CRR, SLR, Repo, Reverse Repo rates, etc. The job in the Reserve Bank of India as Grade B will be the desire for lakhs of banking job aspirants because of the financial and job securities, career growth possibilities offered by the job. Candidates read the article to check the reasons one by one for choosing RBI Grade B officer as their career.
The Reserve Bank of India (RBI), apex body was established in 1935, headquartered in Mumbai. This financial body regulating the managing various commercial banks extends help to the government of India deal with financial issues operations, is governed by the central government of India. The banking-related policies and guidelines adopted all over the country by public and international affairs are set by RBI.
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Why RBI – Importance of RBI Jobs
As discussed in the above paragraph all the financial-related operations all over the country will be tracked and guided by RBI. Thus, playing a decisive and important role in the economic stability of the country. RBI usually recruits candidates to various posts like Grade A, Grade B. The social and economic status of a candidate will have a very positive impact after being an RBI employee. In this article read specifically RBI Grade B job, reasons for choosing RBI Grade B officer career.
The notification released in 2021 January for the RBI Grade B examination 2021 has notified 322 vacancies to the posts such as are recruited for the posts of DR, DSIM, and DEPR (Department of Economic & Policy Research).
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RBI Grade B Officer LifeStyle
1: What does the acronym "ATM" stand for in banking?
What will be the usual lifestyle of an RBI Grade B employee? Is there much change from other banking jobs? Is RBI Grade B job hectic? Can I handle the job responsibilities? Are there career development opportunities other than promotions?
Above are some of the usual thoughts or questions that are in the mind of many aspirants. Let us check the lifestyle of the RBI Grade B Officer, one of many reasons for choosing an RBI Grade B career.
Training with RBI
To kick off with, the job starts soon after you are receiving the offer letter and training will be scheduled at the Reserve Bank Staff College which is located in Chennai. Note that candidates may be posted elsewhere according to the decision of RBI. And the initial posting will be often at the head office, Mumbai. Other zonal offices of RBI are Kolkata, Chennai, and New Delhi.
Rational Satisfaction
The job offers fulfillment for the candidates. They have to challenge new roles and responsibilities. Take your own decisions, connect with more people and importantly, all your decisions and notes matter!!
Social, Financial and Job Security
Social status is a major concern for youth. And, no worries, this job will totally change the awe of society. The employees in RBI can be proud as they are serving the nation, and are part of a system that controls the whole financial process in the country. And also, candidates will have a good pay scale offering financial stability along with usual central government perks and allowances.
Moreover, candidates can opt for job-jumping within the RBI, which is regarded to be the best opportunity to expand work relationships.
Relate and Grow
Candidates can be a part of the decision-making process in the organization. Your thoughts also will be considered for the final decision. This vibrant workplace will be a positive plan for your mental and physical abilities. Thus, candidates can widen and improve their skills and abilities.
Workplace Relationships
It is found more often that the relationships in many firms are short-lived, due to unhealthy inter-competitions. Here RBI Grade B employees can interact with persons topping in the financial sectors and lay foundations for workplace relationships.
Interact with some of the best minds in the government and the financial institutions while at work and build lasting relationships among the RBI fraternity at home.
Work-Life Balance
Obviously, you can build a good work-life balance. The weekday job won’t curb your weekends. And the tensions of work and targets won’t pressurize as in the private or public sectors banks.
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RBI Grade B Job Profile
The post of RBI Grade B (DR) for General, DEPR, DSIM streams, has some job specifications. It is better to understand the demand of the job prior to joining, so that, candidates can easily grasp the new work behavior.
Some of the duties and responsibilities for the RBI Grade B Officer are:
- Handle Surveys: The RBI Grade B employee has to plan, design, and design various sample surveys.
- Currency issue: The currency notes and coins issued by the Reserve Bank of India, has to be circulated in the banks under the RBI. These activities are to be watched and effortless transactions are to be employed by the Grade B employees.
- Data warehouse: To maintain a technology-driven centralized reporting system and Data warehouse for information management or dispersal.
- At times the Grade B officer will act as financial assistance to the government. To aid the government at times of the requirement for the financial advices.
- Financial and Technological consciousness: They have to make the public updated with new technologies implemented RBI in view of benefitting the fiscal transactions.
- Database Improvement: Develop methods to measure and estimate the variables and improvement of the database of various sectors of the economy.
- Inflation and Deflation: It is the major role of RBI to ensure financial stability and monitor the reasons for the market instabilities.
Career Growth for RBI Grade B Officers
One of the major highlights of the RBI Grade be a profession is the career breakthrough it is offering its employees. Usually, employees can choose career change after the 5 years of RBI service. Grade B to Grade C takes 7-year service. The 5-year service to get promoted from Grade C to D and from Grade D to Grade E.
Promotion Chart for RBI Grade B Officer
Grade B Officer => Assistant General Manager => Manager => Additional General Manger (Grade C) Deputy General Manager (Grade D) => General Manager (Grade E) => Chief General Manager (Grade F) => Principal Chief Manager => Executive Director => Deputy Governor => Governor
Department for RBI Grade B postings
Ministry of Finance, Department of Income Tax, Home Ministry, CBI, ED, foreign Central banks, etc.
Career Growth other than RBI
- The job experience in the RBI can make you a competent candidate for various private sector banks, and also in other public sector banks. And be a member of the Director board in major commercial banks.
- More opportunities will be available to work in banks like World Bank, IMF, Bank of International Settlements, Basel, and Ministry of Finance, GoI, WHO, etc.
- International organizations like WHO, WTO
- Can pursue higher studies being in a job like the related fields like MBA. And also, the Grade B job offers you to join as an academician in various academic institutes.
How to Become RBI Grade B Officer
Candidates interested in the RBI Grade B posts have to go through a selection process similar to the banking exams –
- DR General – Phase I, II, and Interview
- DEPR/DSIM post – Paper 1, 2, 3, and Interview
The Exam Pattern for the post will be as follows:
Duration of the examinations for the Grade B (DR) for General:
- Prelims Phase I: 120 minutes with sectional timings
- Mains Phase II: 90 minutes for each paper
Duration of the examinations for the Grade B DEPR/DSIM post:
- First Paper -120 minutes
- Second Paper – 180 minutes
- Third Paper – 90 minutes
Candidates scoring in the prelim’s examination will be shortlisted for the Mains examination. Then the mains cut-off will be decided, and candidates scoring above that will be called for an interview. The detailed syllabus for the posts is given on the Entri Page.
Salary of RBI Grade B Officer
Check the salary package for an RBI Grade B employee:
| RBI Grade B Salary Details | Salary |
| Basic Pay | Rs 35,150/- |
| Pay Scale | 35150 – 1750(9)– 50900-EB-1750(2)-54400-2000(4)-624000 |
| Grade Pay | – |
| NET total salary inclusive of allowances | Rs 67,933/- |
Special Allowances for RBI Grade B Officer
Apart from the usual salary increment for Grade B employees as the yearly increment of Rs. 1750 /-, Rs 2000 /- (availed as per the various pay bands and promotions) the following allowances are provided:
- HRA – Extends a provision of 2BHK or 3BHK flat to the Grade B employees. Either the employee can claim the flat or Rs. 70,000/- as rent allowance.
- Medical – Cover liabilities for up to Rs. 4000/-
- Dearness Allowance: 113 % of the specific salary
- Education Allowance – Rs. 4000/- is given to the RBI Grade B employees as the education allowance on the monthly basis
- Mobile – Can claim up to Rs. 1500/-
- Fuel Allowance – It gives the benefit to avail 150 liters of fuel every month
- Briefcase Allowance – Provided with the benefit of Rs. 7000 /- once in every three years
- Spectacles Allowance – Allowance of about Rs. 7000 /-
- Leave Fare Concession Travel – Assures the monetary benefit of Rs. 10000 /- once in every two years
Check more useful links:
- UPPSC vs RBI Grade B – Which is a Better Career Option?
- RBI Grade B Mock Test 2021
- RBI Grade B Exam Date 2021
Summary
Described above are some of the reasons for choosing the RBI Grade B officer as your career. Of course, RBI Grade B will be the best choice to start your career. The lifestyle for a Grade B officer is really in a way the employee can manage and enjoy a balanced work-life, giving priorities to family. In all spheres – social, financial, personal – the job imparts a status change. So, don’t delay, start preparing for the RBI Grade B exams through one of the best online bank coaching platforms with expert guidance.
