RBI Assistant Salary And Job Profile
Recently Reserve Bank of India issued a notification on November 7th, 2016 for 610 posts of Assistant in Various offices of the Bank. The Last date to apply for RBI Assistant is November 28th, 2016.
Today we will be discussing some frequent doubts candidates have about RBI Assistant Salary, Job Profile, promotions and career growth. But first, let’s take a look at what is Reserve Bank of India and what are the duties of RBI.
About Reserve Bank of India:
The Reserve Bank of India (RBI) is India’s paramount banking institution, which controls the financial policy of the Indian rupee. RBI began its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934. The initial share capital was split into shares of 100 each fully paid and were initially bought entirely by private investors. After the Independence of India on August 15, 1947, the RBI was nationalized on January 1, 1949.
The RBI plays an important part in the Development Strategy of the Government of India. The general administration of the RBI are assigned with the 21-member Central Board of Directors:
- Deputy Governors-4
- Finance Ministry representatives-2
- Government-nominated directors-10
- Directors-4(Delhi, Mumbai, Kolkata and Chennai) – Each of these local boards consists of 5 members who represent regional interests, and the interests of co-operative and indigenous banks.
RBI Assistant Salary:
The RBI Assistant Salary for the assistant post is approx Rs.24,500/- per month including all the perks and allowances. The annual breakdown of the RBI Assistant salary is about Rs. 3,20,000/- per annum. Some other allowances like House rent allowance, Dearness Allowance, Transport allowance, City compensatory allowance are also applicable from time to time. Other perks for RBI Assistant includes reimbursement of expenses for vehicle maintenance(for official purposes), Newspaper, Briefcase, Book grant, allowance for residence furnishing(as per eligibility), interest-free festival advance, etc.
Reserve bank of India provides accommodation but it is subject to availability. RBI provides other perks such as Loans and Advances at concessional rates of interest for Car, Housing, PC, consumer articles, Education, etc.
RBI Assistant Salary, PayScale, perks and allowances of RBI Assistants:
- Basic pay: Rs. 8,860/- per month (i.e. Rs. 8,040/- plus two advance increments admissible to graduates only).
- Pay scale: Rs. 8,040 – 410 – 9270 – 500 – 11,270 – 550 – 13,470 – 650 – 15,420 – 720 – 16,140 – 990 – 20,100 (20 years).
- Allowances: It includes Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Transport Allowance etc., as admissible from time to time.
- Gross emoluments: Approximately Rs. 24,429/- per month.
- Accommodation: Subject to availability.
- Reimbursements: For expenses for maintenance of vehicle for official purpose, newspaper, briefcase, book Grant, allowance for the furnishing of residence, etc. as per eligibility.
- Dispensary facilities: Apart from reimbursement of medical expenses for OPD treatment/hospitalization as per eligibility) RBI assistants also gets certain dispensary facilities.
- Loans and Advances: Granted at concessional rates of interest for Housing, Car, Education, Consumer Articles, and Personal Computer.
- Governance: By the Defined Contribution New Pension Scheme, in addition to the benefits of Gratuity.
- Total Annual Pay: Including allowances along with admissible perquisites attached to the post of RBI Assistant (excluding the value of housing) works out at the minimum to Rs. 3, 20,000/- p.a. (approximately).
Comparison of RBI Assistant with other bank POs:
RBI Assistant Job despite the fact that it is a clerical cadre job preferred by the majority of aspirants as compared to a Bank PO. Let us look at the following points to understand the situation better:
- Transfers: Transfer in RBI takes place after five years of service while in other banks the transfer takes place every three years.
- Rural postings: RBI doesn’t have branches in rural areas so the employees are mostly posted in urban localities while other banks post their employees in rural areas quite often.
- Work pressure: Other nationalized banks have tremendous work pressure regarding business generation, meeting the targets for the bank while in Reserve Bank of India there is no such pressure so the job is less stressful.
- BRAND: Do we need to discuss brand. Reserve bank of India is the father of all other banks. There is a great pride working for Reserve bank of India.
- Working Days and Timings: Work timings in Reserve Bank of India are 9.15AM to 5.15PM and RBI works 5 days a week. The situation is different in other nationalized banks as they have loads of work and targets to complete.
RBI Assistant Job Profile:
We discussed the RBI Assistant salary, allowances, and perks of working in RBI as RBI Assistant, Now let’s take a look at the Job Profile of RBI Assistant. Assistant in RBI is kind of the same as in other public sector banks. Job profile of RBI Assistant includes the following:
- File Work: File work is the common job for any assistant in any organization and this is the most common job you have to do as an assistant at RBI. Your work will be maintaining files on various matters of organization.
- Data Entry: Data entry is also a common job for any assistant. You will be responsible for feeding the data in the system provided so that they can go back when required.
- Replying to Mails: RBI receives a lot of letters and emails daily and as an assistant, you will have the responsibility to draft the replies to most of them and also you have to approve them from your in charge before making the final copy.
- Inward and Outward Mail Entry: RBI receives a lot of letters and emails daily and they reply to most of them on daily basis. You may be given a responsibility to maintain the record of all the letters and emails sent and received.
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