A Banking Career with RBI
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. An 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 an RBI employee works in, he/she has to deal with core financial aspects of the country e.g. ensuring the 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.
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 IVwho work as service staff and other subordinate level. Salary, benefits, and perks are differs from Class to Class and Group to Group for RBI employees.
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.
It has been decided by the Reserve Bank of India to introduce a new scheme of selection for recruitment of officers in Grade-‘B’ (DR), from the recruitment year 2015. Under the new scheme of selection the examination will be computer-based ( the Objective type with Multiple Choice Question pattern) and consists of two phases, viz., Phase-I and Phase-II, followed by Interview. While Phase-I examination will continue as per existing Phase-I examination for Grade-‘B’ (DR), Phase-II examination will consist of three papers of which two will be compulsory papers and one optional paper. The compulsory papers are Paper-I on ‘English’ and Paper-II on ‘Economic and Social Issues’. The optional Paper- Paper-III will have options of subjects, viz., ‘Finance & Management’ or ‘Economics’ or ‘Statistics’. In Phase-II the paper on ‘English’ will be descriptive type and computer-based, i.e. to be typed on a computer screen with the help of the keyboard. Prospective candidates are advised that Phase-II of the examination will be conducted within two to three weeks of Phase-I of the examination. The new scheme of selection is furnished in the Annex-A. The Syllabi of all the papers are furnished in Annex-B.
Annex – A
New Scheme of Selection for recruitment of officers in Grade- ‘B’
A. Examination Pattern
(i) Examination will consist of two phases, viz. – Phase-I & Phase-II followed by an interview.
(ii) Phase-I examination will be objective type with Multiple Choice Questions (MCQs). The Phase-I examination will continue as per the existing Phase-I examination for Grade-‘B’ (DR). There are four modules in Phase-I, viz.- General Awareness, English Language, Quantitative Aptitude, and Reasoning.
(iii) Phase-II examinations will consist of three papers in MCQ pattern (except Paper-I) – viz. Paper-I on English (writing skills); Paper-II – Economic & Social Issues and Paper-III – (optional subjects) – Finance & Management/ Economics/ Statistics.
(iv) Candidates will be required to write all the papers online.
(v) Only successful candidates of Phase-I will appear for Phase-II examination on a later date.
(vi) Based on the results of Phase-II examinations candidates will be shortlisted for interview.
(vii) Final selection will be through merit lists which will be prepared by adding marks secured by candidates in Phase-II (Paper-I + Paper-II + Paper-III) and Interview.
B. Duration of Examinations and Distribution of Marks
(i) Phase-I: Objective Type – 2 hours – 200 marks
(ii) Phase-II: Three Papers – 300 marks
a. Paper-I – online- English-( writing skills)- 1½ hours – 100 marks
b. Paper-II – Economic and Social Issues – 1½ hours – 100 marks
c. Paper-III – Optional Paper (Finance & Management/ Economics/ Statistics) – 1½ hours – 100 marks
(iii) Interview: 50 marks
The interview will continue in its existing format.
C. Educational Qualification
A Minimum of 60% marks (50% in case of SC/ST/PWD) or equivalent in Bachelor’s Degree as well as in 12th and 10th standard examinations.
D. Age Criteria and Age Relaxation in upper age limit
(i) The present age criteria of “Between 21 to 30 years” will be retained.
(ii) For M. Phil and Ph. D candidates the upper age limit will be 32 and 34 years, respectively.
(iii) As per extant practice, age relaxation will be available to experienced candidates viz. candidates having experience as an officer in Commercial Bank/ Financial Institution in Public Sector as also candidates with prior experience in Reserve Bank of India, to the extent of number of years of such experience subject to a maximum of three years. For such candidates, upper age limit should not exceed 33 years including experience. For experience, probationary period will not be reckoned.
(iv) There are relaxations in upper age limit as per statutory requirements and for the staff.
As per existing practice cumulative age relaxation will not be available in combination with any items mentioned at (ii) (iii) & (iv).
E. The number of attempts:
The maximum permissible number of attempts (which were applicable for candidates belonging to Unreserved/General Category) has been increased from 4 to 6.
For detailed information, candidates may carefully read the detailed advertisement which will be uploaded on RBI website at the time of recruitment process.
Annex – B
1. English (Writing Skills):
The paper on English shall be framed in a manner to assess the writing skills including expression and understanding of the topic.
2. Economic and Social Issues:
Growth and Development – Measurement of growth: National Income and per capita income – Poverty Alleviation and Employment Generation in India – Sustainable Development and Environmental issues. Economic Reforms in India – Industrial and Labour Policy – Monetary and Fiscal Policy – Privatization – Role of Economic Planning. Globalization – Opening up of the Indian Economy – Balance of Payments, Export-Import Policy – International Economic Institutions – IMF and World Bank – WTO – Regional Economic Co-operation. Social Structure in India – Multiculturalism – Demographic Trends – Urbanization and Migration – Gender Issues – Social Justice: Positive Discrimination in favor of the under privileged – Social Movements – Indian Political System – Human Development – Social Sectors in India, Health and Education.
Suggested reference material:
1. Indian Economy: Uma Kapila.(Series of Books)
2. Indian Economy: Mishra Puri. (Latest Edition)
3. Growth And Development: Devraj Ray
4. Sociology: C.N. Shankar Rao
1. Economic Times
3. Business Standard
Weekly/Monthly Magazines/Bulletins /Reports:
1. Economic and Political Weekly
2. Southern Economist
4. Business India
5. RBI Bulletins
1. World Development Report
2. Economic Survey of India
3. Finance and Management:
(a) Financial System
1. Regulators of Banks and Financial Institutions
2. Reserve Bank of India- functions, and conduct of monetary policy, Banking System in India, Financial Institutions – SIDBI, EXIM, NABARD, NHB, etc.
(b) Financial Markets
Primary and Secondary Markets (Forex, Money, Bond, Equity, etc.), functions, instruments, recent developments.
(c) General Topics
1. Risk Management in Banking Sector
2. Basics of Derivatives: Forward, Futures, and Swap
3. Changing Landscape of Banking sector
4. Recent Developments in the Financial Sector, Portfolio Investment, Public Sector Reforms, Disinvestments
5. Financial Inclusion- use of technology
6. Alternate source of finance, private and social cost-benefit, Public-Private Partnership
7. Corporate Governance in Banking Sector, the role of e-governance in addressing the issues of corruption and inefficiency in the government sector.
8. The Union Budget – Direct and Indirect taxes; Non-tax sources of Revenue, GST, Thirteenth Finance Commission and GST, Finance Commission, Fiscal Policy, Fiscal Responsibility and Budget Management Act (FRBM),
9. Inflation: Definition, trends, estimates, consequences, and remedies (control): WPI, CPI – components and trends.
Suggested reference material:
a. An introduction to Economics – A W Stonier and DC Hauge
b. Monetary Theory and Public Policy – Kenneth Kurihara
c. Indian Economy – Mishra and Puri
d. Indian Economy – R. Dutt and KPM Sundaram
e. Economic Growth and Development – Mayer and Baldwin
f. Major economic newspapers and Economic and Political Weekly
g. Public Finance – K K Andley and Sundaram
h. Financial Management – Prasanna Chandra
Management: its nature and scope; The Management Processes; Planning, Organisation, Staffing, Directing and Controlling; The Role of a Manager in an Organisation. Leadership: The Tasks of a Leader; Leadership Styles; Leadership Theories; A successful Leader versus an effective Leader. Human Resource Development: Concept of HRD; Goals of HRD; Performance Appraisal – Potential appraisal and development – Feedback and Performance Counselling – Career Planning – Training and Development – Rewards – Employee Welfare. Motivation, Morale, and Incentives: Theories of Motivation; How Managers Motivate; Concept of Morale; Factors determining morale; Role of Incentives in Building up Morale. Communication: Steps in the Communication Process; Communication Channels; Oral versus Written Communication; Verbal versus non-verbal Communication; upward, downward and lateral communication; Barriers to Communication, Role of Information Technology. Corporate Governance: Factors affecting Corporate Governance; Mechanisms of Corporate Governance.
The questions on this section will be basic in nature.
1. Consumers behavior and firms; value of resources like land, labor and capital
2. Markets-monopoly, perfect and imperfect competition
3. General Equilibrium of price and activity, economic welfare and case for regulatory / policy interventions
1. Measuring national income and its components; basic macro identities and idea of macro-balance; Goods and Financial Market Equilibrium (IS-LM Framework)
2. Major macroeconomic school of thoughts; Classical, Keynesian and Monetarist
3. Consumption and Investment demand; demand management policies and their effectiveness
4. Money demand and supply; monetary and fiscal policies.
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