What It Does: This bank regulates and supervises the activities of other banks in India and, by extension, the country's financial network. They're responsible for injecting confidence into the public financial system, securing interest rates, and ensuring positive banking alternatives for the Indian citizenry.
Mission: The Reserve Bank of India's mission is to enhance the efficiency, integrity, competitiveness, and inclusiveness of the financial and payment system.
Size and Presence: The Reserve Bank of India employs almost 13,000 workers in its 31 offices across India. Its headquarters is located in Mumbai.
Best Known For: This bank is best known for the issuance, control, regulation and maintenance of the Indian Rupee. The bank is also best known for overseeing the monetary and banking policies of the Indian national government. The organisation maintains the country's credit system.
The Good Bits: Being an employee of RBI gives you access to an army of attractive benefits. There's job security. The work-life balance is ideal.
The Not-So-Good Bits: Promotions come slowly. There's a lot of bureaucracy.
The banker's bank came into existence in 1934 following the implementation of the Reserve Bank of India Act. It was established as a private bank, but that was until 1949. From then, it was nationalised and taken over by the Ministry of Finance. At the time of inception, the bank's capital holdings were worth five crores. The purpose of the bank's establishment was to manage and mitigate the country's financial troubles after the First World War. In 1994, during one of the trading sessions of the Indian stock exchange, the RBI permitted banks that had been nationalised to participate in a bid to strengthen their capital reserve.
In 1995, RBI established a subsidiary firm known as the Bharatiya Reserve Bank Note Mudran Private Limited to manufacture banknotes for the Indian Rupee. In 2016, the Indian government established the Monetary Policy Committee, which placed a check on the powers of the RBI, particularly in determining interest rates. This was because the committee membership encompassed independent members appointed by the national government and RBI members. However, in case a decision has to be decided by voting, and there's a tie, the vote of the RBI governor is the decisive vote.
RBI is the place to be. The bank is widely regarded as one of the most desirable companies to work for. The company ranks third on the list of companies most sought after by fresh graduates. There's a good reason for this. Working in RBI is a big deal for a fresh graduate; you'll be colleagues with some of the best and brightest talents in the Indian banking industry. The dress code is formal and semi-formal, and the work schedule is five days a week. The organisation has an inclusive culture, and it embraces diversity.
RBI is a good starting point for a fresh graduate who wants to build an illustrious banking career. The perk of receiving mentorship from the brightest minds in the banking industry is mouth-watering enough. Plus, a work experience in RBI is a big boost and can almost guarantee a job anywhere else in the country. Fresh graduates who enter the company usually start from the bottom of the corporate ladder and gradually work their way up. Though promotions come slowly and there is office politics, dedicated workers will always be rewarded.
RBI adopts the following processes to screen its applicants:
Those successful will get the job offer.
Freshers at RBI earn an annual salary of 6.6 lakhs.
RBI is actively vocal about its stance on climate change and environmental sustainability