Have you ever wondered what is the job profile and salary of an RBI (Grade B) officer? RBI is the architect of the nation’s economy and is an important benefactor of the everyday Indian life as it is the central bank of the country. The bank decides upon the stability of interest rates to that of the exchange rates. It is responsible for the liquidity of productive sectors as well and ensures an adequate supply of currency to the nationalised and other banks around the nation. The flow of credit to desired sectors and development of financial markets are also responsibilities of RBI. It works towards the economic as well as the financial growth of the nation through the host of duties and responsibilities it carries on an everyday basis.
Need for a Grade B Officer: The RBI requires manpower for its operations and carries recruitment examinations periodically inviting interested candidates over the country. The Grade B Officers in the RBI work as foot-soldiers working out through the day to day activities in the bank maintaining the cash inflow and maintenance of order in the bank. They also are responsible for the overlook of swift functioning of the member banks of under the RBI in the country.
Induction and Probation:
The RBI Grade B Officers after clearing the phase I and II of written examinations and the personal interview round are absorbed by the RBI for a period of two years. This period of probation could get extended to four years depending upon the performance of the candidates. The promotion scopes after completing the probationary period for RBI Grade B officers are ample.
The Officers can rise up to the ladder quite fast through departmental examinations and fast track promotional schemes for deserving candidates. The selected candidates from the examination can be sent for the probation period at any part of the country. During their probation period they can even be transferred to various locations according to the need of the bank.
Pay Scale: Selected Candidates will draw a starting basic pay of Rs. 35,150/- p.m. in the scale of Rs. 35150-1750 (9)-50900-EB-1750 (2)-54400-2000 (4)-62400 applicable to Officers in Grade B 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.).
Besides this, loans like housing, education, consumer, computer etc. are given in much less rates than the actual bank rates. The scope of improvement and promotion is quite effective for RBI Grade B Officers and they can rise up to the Managerial posts and become Deputy Governor as their career sets sail.
Ensuring Nation’s Financial Stability:
The RBI Grade B Officers need to work towards keeping the inflation under check and ensure that adequate supply of liquidity of the productive sector is taken care off. This is an important factor to maintain the financial stability of the country and the RBI officers are responsible for the smooth functioning of the same. The officers are entitled with enhancing the confidence of the public in the financial system of the country and make them use the cost effective and new technology services provided by the bank to its customers.
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 under the ambit of RBI. They are responsible for the smooth functioning of the currency to the subordinate units of RBI and take note of the same.
Management of Government accounts:
They are also entitled with managing the state and central government accounts by performing various merchant banking functions for them.