RBI Grade B Job Profile, Pay Scale, Career Prospects: A career with Reserve Bank of India is considered to be the most prestigious one. RBI conducts grade B officer recruitment exam every year. As the RBI grade B exam is only a few months away, candidates should start the preparation for it. In order to keep you motivated for the exam, we have come up with this article focusing on RBI grade b Job Profile, Roles and Responsibilities, Pay Scale, Career Prospects, Growth, Opportunities etc.
Let us begin by understanding how an RBI aspirant is recruited for the post of grade B Officer, followed by his/ her roles and responsibilities and salary and career path.
RBI Grade B Selection Procedure
The Selection Procedure for recruiting RBI Grade B Officers through IBPS Recruitment Examination is a 3-Tier Process.
- Tier 1: RBI Grade B Phase I Examination
- Tier 2: RBI Grade B Phase II Examination
- Tier 3: Interview
A candidate needs to qualify at each level in order to move to the next one. For a complete information regarding the RBI grade B exam pattern and selection process, follow this link.
RBI grade B Job Profile: Roles and Responsibilities
Once you crack the RBI grade B exam, you need to serve for a 2 year probation period which could be extendable to 4 years, according to your performance. During this period, you are assigned various responsibilities and roles. You need to follow them and perform consistently well in order to get promoted. Some of the roles and responsibilities of RBI grade B officers are mentioned below:
Currency Issue and Circulation: RBI issues the coins and currency and the RBI Grade B Officers are responsible for its circulation to the various nationalized banks. RBI grade B job profile requires the officer to ensure smooth functioning of the currency across subordinate units of RBI.
Maintaining Financial Stability: RBI Grade B Officers need to work towards keeping the inflation under check. They need to ensure adequate supply of liquidity among the productive sectors of the market. In short, RBI officers are responsible for the smooth functioning of financial markets.
Management of Government Accounts: RBI grade b officers are responsible for managing various government and central bank accounts. They perform all of the banking functions for the accounts on behalf of the RBI.
Recommended: RBI Grade B Previous Solved Papers
You need to follow these responsibilities effectively as well as efficiently to maintain your position of RBI grade B officer.
RBI Grade B Salary, Perks and Allowances
One aspect that attracts millions of candidates towards RBI is the salary package. Total cost to company pay package accounts to be around 13 lacs in metro cities like Mumbai, Delhi etc. This may look like an unbelievable figure to you but it is absolutely true according to the norms of RBI. Now, let us breakdown the basic pay, fixed salary, perks and understand how much salary you can draw as an RBI grade B officer.
RBI Grade B Salary
The initial basic salary of an RBI grade B officer is Rs 21,000 pm. The figure can be extended up to Rs 48,000 pm after including different types of allowances like home allowances, dearness allowances, grade allowances etc. Apart from this, you may get perks which would depend upon your manager and your performance in general.
- Basic Pay: Rs 21,000 pm
- Net salary after including all the allowances: Rs 47,800 pm
Apart from this, here are a few additional perks.
RBI Grade B Perks
- Local allowance: 5% of Basic Pay (maximum Rs 1300)
- Family allowance: 4% of Basic Pay (maximum Rs 1100)
- Grade allowance- starts after completion (End of probation): Rs 2250
- Special allowance- starts after completion (End of probation): Rs 2500
- Monthly reimbursements on your expense relating to: Educational (up to Rs 2000), Household (up to Rs 2000) and Telephone (up to Rs 800)
- Conveyance allowance: 30 liters extra petrol for all those living in Mumbai, Delhi, Chennai or Bangalore.
- Annual reimbursements: Medical- Rs 4000, Book Grant- Rs 4500, Briefcase- Rs 7000
Apart from the given perks, there is Furnishing of Residence Allowance, Life Insurance Coverage, Medical Insurance, Educational Leaves etc.
On an average, an RBI grade B officer can easily earn anywhere between 10 to 12 Lakhs in an year. Hence, all of these factors make RBI grade B job profile all the more desirable and attractive.
RBI Grade B Career Prospects
In RBI grade B, the career prospect is quite extensive and offers many growth opportunities. RBI grade B officers get the opportunity of working and establishing themselves in big metropolitan cities of the country.
The highest position that RBI offers to its grade B officers is Deputy Manager. The post of Governor is strictly meant for IAS officers. But this should not disappoint you as you get numerous of personal and educational growth opportunities.
After getting acquainted with some of the most prestigious organisations of the world such as World Bank, IMF etc., you are able to gain more experience and expand your economical knowledge.
Later on at the age of 50-60, Investment Banks offer huge benefits and fat pay checks for all the retired RBI grade B officers.
Thus, we can conclude that RBI grade B job profile is one of the best banking jobs in the country. If you are ready to take the country’s economical growth on your shoulders and enjoy the perks along with it, then, you should start preparing for the exam without further ado. We wish you All the Best in your quest of working with the RBI.
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