RBI stands for the Reserve Bank of India and is the central bank that shapes the nation’s economy. RBI works towards the economic and financial growth of the country through several roles and responsibilities. It is responsible for various critical banking operations in India. RBI invites applications from interested and eligible candidates from all over the country for the RBI grade B officer post.
The RBI Grade B officers carry several operations within RBI. They maintain the cash inflow and ensure the maintenance of orders in the bank. They look over the smooth functioning of the banks under RBI. The roles and responsibilities of an RBI Grade B officer are as follows:
- Currency issues and circulation: RBI Grade B officer is responsible for the circulation of currency and coins issued by the RBI to various centralized banks under RBI. They maintain the smooth operations of the currency in the subordinate units of RBI.
- Ensuring nation’s financial stability: RBI Grade B officers are well aware of the economic state of the country in terms of the inflation rate, deflation rate, GNP, GDP growth, etc. and work towards keeping the inflation rates under check. RBI Grade B officers ensure that the liquidity of the different productivity sectors is taken care of. This is a very important factor that determines the nation’s economic stability and hence RBI Grade B officers ensure the same. They must win the trust of the common people and encourage them to use the cost-effective and new services introduced by the bank to contribute to the country’s economic stability.
- Management of government accounts: RBI Grade B officers are responsible for the maintenance of some of the government and central bank accounts. They design guidelines for various public sector banks.
The role of an RBI Grade B officer is very prestigious and they enjoy a good lifestyle with lucrative pay and good career growth. Every year lakhs of candidates appear for the RBI Grade B exams. The competition is tough as the number of candidates is very high and there are limited vacancies. With a good strategy and a clear plan, you can crack this exam. Click here for more info on the exam dates, exam pattern, syllabus, and mock tests, etc.
Details of the RBI Grade B Officer exam
There are three stages in the recruitment process of the RBI Grade B officers.
- Phase I: prelims – This phase consists of one paper divided into four sections. The first section is reasoning carrying 60 marks, the second section is general awareness carrying 80 marks, the third section is language carrying 30 marks and the fourth section is quantitative aptitude which also carries 30 marks. Hence the total marks in this paper are 200 and the time limit for the prelims exam is 2 hours.
- Phase II: mains – You will be eligible to appear for the mains exam if you pass the prelims exam. There are three papers in the mains exam. Each paper carries 100 marks. These three papers are Social and Economic issues, English, and Management and Finance. The time limit for each paper is 90 minutes.
- Interview: This is the third and final round of the selection process. If you pass the mains exam, you will be called for an interview. The final merit list will be prepared based on your performance in the interview and mains exam.
Pay and other benefits
The basic pay of an RBI Grade B officer is Rs 35,150 per month and the gross pay is Rs 67,000 per month. Hence, it guarantees a secure and good lifestyle. The exam is difficult but it is worth the effort. The work is manageable and you will receive sufficient training before you start working. You will receive an annual medical allowance of Rs 4,500 when you declare your expenses. The gross pay also includes a monthly maid allowance of Rs 3000.
There are many perks included in the gross pay, including newspaper and petrol. RBI officers also receive Sodexo coupons which they can use for grocery shopping. You will be given a place for residence irrespective of the city where you are posted. There are transportation allowances too. You might choose from 2 or 3 BHK apartments. The salary also includes house rent allowance (HRA), Dearness Allowance (DA), etc. RBI Grade B officers also receive LTC/LFC tour allowance through which they can claim up to Rs 1 lakh for their spouses and a maximum of two dependant family members after every two years.
Promotions and career growth
Based on the performance, the RBI Grade B officers can be promoted up to CGM level post. The career path is very attractive and will give great opportunities. You need to continuously enhance your skills and perform well to keep rising. The different job roles offered as you get promoted from RBI Grade B officer is given below in order:
- Grade B officer
- Assistant General manager
- Deputy General Manager
- General Manager
- Chief General Manager
- Principal Chief Manager
- Executive Director
- Deputy Governor
You need not appear for any written test for being promoted from Grade B to Grade C officer. The number of vacancies is released based on requirements, and you will be interviewed by senior officials. You need to pass a written exam and an interview to get promoted from Grade C to Grade D officer. The governor and the deputy governors take an interview for promotions from GM to CGM.
Before you start your preparations for the RBI Grade B exam, you must go through the notification released on the official website of RBI. Make sure to always refer to the latest syllabus and understand the exam pattern thoroughly. Check the eligibility criteria before applying for this exam.
Age limit: The applicant must be in the age group of 21 to 30 years if he/she is from the general category. There is an age relaxation of 3 years for OBC candidates, 5 years for SC/ST candidates, and 10 years for PWD candidates.
Educational criteria: The applicant must be a graduate with a minimum of 60 percent in graduation. Keep checking the official website for updates.