RBI Grade B Officer – Job Profile & Salary

The release of the RBI Grade B Officer Examination 2023 notification advertisement is thin on the ground. At this point, it’s important to have a full chapter and verse of the exam. Here you go with a detailed job profile, eligibility and salary structure for this post.

Job Profile for RBI Grade B Officer

The post is for officers in the Reserve Bank of India (RBI), the central bank authority of India. It is one of the highest-ranking posts in the banking sector, equivalent to Group A officers in other government services. The RBI Grade B Officer can get promotion up to the level of Deputy Governor, which is the second-highest rank after the Governor of RBI.

Roles & Responsibility of the RBI Grade B Officer

The RBI Grade B Officer is responsible for managing the monetary policy, regulating the banking system, issuing currency, maintaining financial stability, and performing other functions related to the economy and finance of the country. They are also involved in the policy and planning decisions of the RBI. Besides, they get a lot of opportunities to work with international organizations like the World Bank and the IMF.

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Selection Procedure

Moving on to recruitment. Recruitment takes place through the exam run by RBI itself. It includes RBI GRADE-B (DR) DEPR exclusively for the Department of Economic & Policy Research.

The examination is conducted in three parts Phase I, Phase II, and Interview. Phase I consists of General Awareness, English Language, Quantitative Aptitude, and Reasoning. Phase II tests the candidate’s grasp of Economic and Social Issues, English Writing Skills, Finance and Management/Economics/Statistics. A panel of experts from the RBI and other fields is assigned the task of conducting interviews.

Eligibility

The eligibility for the post is as follows

Educational Qualification:

For the RBI Grade B exam candidates must have:

A graduation degree in any discipline or equivalent technical or professional qualification with a minimum of 60% marks (50% for SC/ST/PwBD applicants) or
A post-graduation degree or equivalent technical qualification with a minimum of 55% marks (pass marks for SC/ST/PwBD applicants) in aggregate of all semesters/years.

For the posts of Officers in Grade ‘B’ (DR) – DEPR and Officers in Grade ‘B’ (DR) – DSIM, the candidates must have a master’s degree in Economics/Econometrics/Quantitative Economics/Mathematical Economics/Integrated Economics Course/Finance or Statistics/Mathematical Statistics/Mathematical Economics/Econometrics/Statistics & Informatics from IIT-Kharagpur/Applied Statistics & Informatics from IIT-Bombay with a minimum of 55% marks or an equivalent grade in aggregate of all semesters/years.

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Age Limit:

The candidates must be between 21 and 30 years as on the reference date mentioned in the notification. There are certain age relaxations for candidates belonging to specific categories such as SC/ST (5 years), OBC (3 years), PwBD (10 years for UR/Gen, 13 years for OBC, and 15 years for SC/ST), Ex-Servicemen (5 years), Ex-Bank Employees (5 years), Jammu and Kashmir domicile during January 1, 1980, to December 31, 1989 (5 years), etc.

Nationality:

The candidates must be citizens of India.

Number of Attempts:

The candidates can attempt the RBI Grade B exam a maximum of six times. However, there is no limit for SC/ST/PwBD/OBC/EWS candidates if they are otherwise eligible.

Salary Structure of the RBI Grade B Officer

The salary structure for this post is Rs 55,200-2850 (9)-80,850-EB-2,850 (2)-86,550-3,300 (4)-99,750 (16 years).

This means the initial basic pay is Rs 55,200 and they will receive an increment of Rs 2,850 for up to 9 years of service. After that, they will receive an increment of Rs 2850 for the next 2 years and then an increment of Rs 3,300 for the next 4 years. The maximum basic pay after 16 years will be Rs 99,750.

Initial Salary of RBI Grade B Officer (without deduction)
Salary Component	Amount
Basic Pay	Rs. 55,200
Grade Allowances	Rs. 6,800
Dearness Allowances	Rs. 23,144
Housing Allowance	Rs. 5,273
CVPS Incentives	Rs. 827
Special Prerequisite Allowances	Rs. 1,465
Special Allowances- Direct Recruit	Rs. 1800
Local Compensatory Allowances	Rs. 3,664
Meal Allowance	Rs. 160
Gross Pay (approx.)	Rs. 1,08,404

The gross pay of this post is Rs 1,08,404 per month, inclusive of various allowances such as Dearness Allowance, House Rent Allowance, Local Allowance, Family Allowance, Grade Allowance, etc. However, there are some deductions from the gross pay such as NPS contribution, professional tax, income tax, etc. The net pay or in-hand salary for the post is around Rs 81,968 per month.

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Salary Increments

Let us dip into salary increments throughout the career.

Salary Component	Amount
Basic Salary	55,200
Yearly Increment for 9 yrs	2,850
Yearly Increment for 2 yrs After EB	2,850
Yearly Increment for 4 yrs	33,000
Basic Salary after 16 Yrs	99,750

Takeaways

With all the details we went above, it can easily be understood why RBI Grade B is deemed as one of the most difficult exams in the banking sector. For one thing, it’s the highest paying job and for another, the prestige and power that comes with it makes it highly appealing and one of the most sought-after jobs in any sector for that matter. However, no matter how difficult the exam may appear, with the right strategy and an effective study plan, you can smoothly navigate through the selection procedure. With that being said, any delay at this moment can later make you pay dearly. Fear not! We are here to help you along the journey. Brace up, exam warriors!