What it does: India’s central bank, responsible for issuing currency, extending credit to the government, regulating the commercial banking sector and assessing the country’s economic health.
Best known for: Being the central financial authority in India.
Financials: Recently reported real GDP growth of 7.7% and high macroeconomic stability for India as a whole. While they didn’t reach their inflation reduction target of 4%, they came close at 3.4%, showing improvement all the same.
The good: Strong work-life balance (5-day work week) and pay.
The not so good: High bureaucracy. Slow promotions. Can be posted nationally.
Hiring grads with degrees in: Statistics; Accounting and Finance; Civil Engineering; Electrical Engineering.
The Reserve Bank of India (RBI) began in April of 1935 with an act of parliament. Before then, Indian currency was controlled by the government’s ‘Controller of Currency’, which was part of the Imperial Bank of India, a commercial bank founded by the father of modern economics himself, John Maynard Keynes. Currency offices across the country, from Calcutta (present-day Kolkata) to Bombay (Mumbai), were converted into arms of the bank.
The bank was Burma’s (Myanmar) central bank right up until 1947 when Japanese occupation began. Even when India succeeded with Pakistan, the bank remained Pakistan's central bank until 1948. By 1949, the RBI was nationalised, becoming a truly public instrument of currency and credit regulation.
In the years to come, the RBI played vital roles in developing India’s agriculture, serving as a development bank in the sixties. They set up institutions like the Industrial Development Bank of India and the National Bank of Agriculture and Development to continue carrying out developmental capabilities.
Nowadays the bank reports annually on the strength of India’s economy to the world. It reports on how successful the implementation of the policy has been, how much money is in circulation, product movements, domestic oil prices and significantly more. It plays an integral role in India’s prosperity.
Standard fresher jobs can be rare at the RBI, but junior roles can occasionally be found posted on their websites. However, applicants who get in will find themselves in a comfortable job. Employees work 9 - 5, are given comfortable benefits and reasonable pay. Working in a central bank is great exposure to many parts of the economy, which is a great chance to learn. It’s known throughout the country and is a respectable workplace. The staff are professional and accommodating to freshers.
This makes it a good starting point, provided you can get in. The catch is you’ll be promoted very infrequently. Procedures and process are a staple of life at the RBI, with piles of paperwork being a constant obligation. Technology and innovation progress at a snail’s pace. You likely won’t be noticed when performing well.
This is overall a good starting point for finance, statistics, or engineering graduates. But staying here too long after you’ve stopped learning new skills could lead to career stagnation.
Recruitment starts with an online application after browsing their available current vacancies. If a position meets your experience level, simply click on it to see the full detail. Each job posting is exceptionally detailed, with an exact description of what a successful candidate should have, the selection criteria, exam dates and times where applicable and more. To summarise,
Please note this is highly simplified. The true application process is almost a test in and of itself on whether or not their level of bureaucracy is for you!
If you get through to the interview stage, you’ll be asked mainly about technical questions relating to your role. But all applicants should expect to be asked about the function of the RBI, as well as the state of the banking industry as a whole. Get through that and you could be in!
While fresher jobs are uncommon, junior positions and internships are both paid. The following are some common pay expectations for several roles: