Career Options of RBI GRADE Officially appointed Reserve Bank of India (RBI) grade senior officials, Reserve Bank of India (RBI) Gradation and professional career options are now becoming more popular among many foreign bank employees. Most bank grade jobs of all types such as bank management, risk management, economics, international finance etc. are getting highly lucrative by the passage of time. Career Options of RBI GRADE: The official position of an RBI official is highly demanding post. Job Profile: There are a variety of career opportunities for which professionals with credentials of bachelor degree in commerce, MBA, etc.
Career Outlook: The compensation package for this post is quite high at present. Salaries may go up to aboutsts of hundred thousand dollars and above. For the purpose of promotion or lateral movement in the financial sector, it is necessary that an official should possess qualities like integrity, professionalism, excellent communication skill, excellent mathematical aptitude. Qualifications like those mentioned above could be a point of consideration for higher salaries. Higher bank grade officer’s salary depends on various other factors such as bank manager tenure, the amount of managing responsibility, number of years of service, popularity and reputation of the bank, etc.
Bank managers generally have to deal with senior management of the finance department as well as with the rank and file employees. Thus there is a lot of responsibility and supervision required from them. The overall responsibility of a bank grade officer may include running of the finance department, day-to-day monetary transactions, implementing new policies in the bank, etc. In addition to all these responsibilities, there is a great deal of specialization that the job entails in the field of banking.
There are many career paths and options that are open for a person who has decided to pursue a career as an officer of the Reserve Bank of India (RBI). The most popular option is to go for a career as a supervisor. If you are not quite convinced about branching out in this direction, you can go for a lower ranked job in the Reserve Bank, i.e. as an assistant or an associate officer. Though these jobs pay less than what a supervisor would get, there are more benefits in terms of gaining more knowledge in the field.
Besides getting higher salaries, the principal benefit is that promotions or increases in salaries and allowances depend solely on your performance. There are no fixed qualifications or age limits for this position. This means that anyone with the aptitude for financial management and leadership can rise to the level of a grade officer quickly. The salary increases depend on a number of factors including your performance, the bank where you are working, and the bank’s policy for promotions and allowances.
A majority of bank officers are appointed from among the current grade officers. This is usually done when there is an opening for a particular post, and there is no need to wait for the next recruitment cycle to begin. Usually, the Reserve Bank of India (RBI) posts its appointments in September or April every year. There is a cut off point, usually around September, during which all appointments have been filled up and no one is available to fill the post. The cut off date is chosen arbitrarily by the bank, usually based on the last date that a candidate was available for an interview. Candidates who know they will be posted in September will rush to secure a post as early as possible, so as to ensure they secure their places.
The next pay scale is known as the allowances, and the amount earned by a RBI grade officer depends on many factors. One is the amount of work he does in a day. The larger the work load, the higher the allowances will be. There are also other factors such as the type of work he does, and whether he is a part time or full time official. Full-time workers earn more allowances than part-time employees.
For a complete insight into the details of the grade salary, a person needs to go through the entire job profile. There is the overview of the job description and the salary ranges mentioned in it. Then there is the section on the career development, where the person needs to list out his objectives, whether it is increasing his experience or preparing for the exit exam. After this, a person can proceed to the summary of benefits and the various special and incentive schemes that are available with the bank.