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The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
The Reserve Bank's affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
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- Appointed/nominated for a period of four years
- Constitution:
- Official Directors
- Full-time : Governor and not more than four Deputy Governors
- Non-Official Directors
- Nominated by Government: ten Directors from various fields and two government Official
- Others: four Directors - one each from four local board
The various positions, for which we need people like you, are regularly advertised in leading newspapers and Employment News/Rojgar Samachar. For all the Class I posts, that is officers, in the RBI, the Reserve Bank of India Services Board (RBISB) conducts examinations /interviews. You'll need to apply to the General Manager, RBISB in the format published in the advertisements along with all your relevant documents.
The Board follows two different procedures for selection.
1. The scheme of selection for the posts of Officers in Gr B has been modified since Recruitment year 2015.
a) Phase I - Objective Type Test with 4 modules
b) Phase II - Objective Type - Paper I English
Paper II Economic & Social Issues
Paper III Optional Paper
(Finance & Management/Economics/Statistics)
c) Interview
2. For some special posts, such as, Assistant Manager (Security), Manager (Technical), Librarian, etc., you are required to appear only for an interview, without going through any tests.
If you have to go through the modified scheme of selection and also the interview, the RBISB will give you a detailed schedule for all the three tests. Once you qualify in Phase I, you take the Phase II examination and once you succeed in that, you get to appear for an interview. The final selection list is formed based on your performance in Phase II as well as the interview.
If you get selected, you get an Offer of Appointment from the RBI's Statutory Requirements and Recruitment Section. If you agree to the terms in the letter, a few formalities need to be completed which include a medical test, Police Verification Report, Referee Report and Employer's Report.
Once these formalities are completed, you get the Appointment Letter with which you report to the Principal, Reserve Bank Staff College (RBSC), Chennai for your Induction Training.