RBI is no doubt one of the most prestigious institution of India. The highest level at which it almost regularly recruits is the Grade B level.
You can be Deputy Governor as well before your retirement, provided you are recruited at a young age. Governor is almost invariably a Secretary level IAS officer.
Some people use this platform to gain knowledge and get into multilateral development banks – ADB, World Bank, IMF etc.
You can later on, get into investment banks to get a fat paycheck as well. You will be most welcome.
Posting is mostly in metros or state capitals. But this is an All-India Service, so be prepared to be posted anywhere in India. RBI follows a 5-day week schedule.
Probation Period is of 2 years, extendable to 4 years.
Total Cost to Company Pay Package works out to be around 13 lakhs (using market values in a city like Mumbai)
RBI’s organisational hierarchy is divided into 3 classes – I, III and IV (no class II)
Class I is further divided into Groups – A to F – F being the highest and A lowest.
Recruitment is done by RBISB – RBI Service Board.
Basic Pay is 21,000/- p.m. and the pay scale is `21000-1000-30000-EB-1000-32000-1100-36400. Adding Dearness Allowance, House Rent Allowance, Local Allowance, Family Allowance, and Grade Allowance. Allowances are revised more frequently than the pay scale.
Net salary comes out to be around Rs. 47,800. This excludes the perks.
For exceptional people, 4 advance increments can also be provided at the discretion of RBI Service Bord. This decision is taken at interview stage.
Local Allowance for Grade B officers – 5% of Basic pay (maximum 1300)
Family Allowance for Grade B officers – 4% of Basic pay (maximum 1100)
Grade Allowance – starts after confirmation (end of probation)
– 2250 for Grade B officer
Special Allowance – starts after confirmation (end of probation)
– 2500 for Grade B officer
Monthly Reimbursements on your expense related to following
– Educational – upto Rs. 2000
– Household – upto Rs. 2000
– Telephone – upto Rs. 800
Conveyance Allowance – depends on city and Grade. Those living in Mumbai, New Delhi, Chennai, Hyderabad or Bangalore get 30 litres extra petrol. Those who dont own a car get it in cash.
Grade B officers get 120 l petrol. Grade A and B dont get Driver allowance and Car maintenance allowance (upper grades get it)
Annual Reimbursements are also given – to grade B officer Rs. 4000 for Medical, Rs. 4500 for Book Grant and Rs. 7000 for Briefcase
Besides these, there is Furnishing of residence allowance, Life Insurance Coverage, Medical Insurance, OPD Expence reimbursements, Education Leaves etc.. This makes the job truly lucrative.