Reserve Bank of India Entrance Exam FAQs

Reserve Bank of India Entrance Exam FAQs

1. Can you brief me about RBI and its structure?

The Reserve Bank of India (RBI) is the nation’s central bank. The Reserve Bank is wholly owned by the Government of India. The Central Board of Directors oversees the Reserve Bank’s business.
Structure of RBI is as below:

Official Directors

- 1 Governor
- 4 Deputy Governors, at a maximum

Non-Official Directors

- 4 directors—nominated by the Central Government to represent
Each local board has
- 10 directors nominated by the Central Government with expertise

In various segments of the economy
- 1 representative of the Central Government
- 6 meetings—at a minimum—each year
- 1 meeting—at a minimum—each quarter

2. What function does RBI perform?

The Reserve Bank is the network for numerous activities, all related to the nation’s financial sector. Their primary activities are:
- Monetary Authority
- Issuer of Currency
- Banker and Debt Manager to Government
- Banker to Banks
- Regulator of the Banking System
- Manager of Foreign Exchange
- Maintaining Financial Stability
- Regulator and Supervisor of the Payment and Settlement Systems
- Developmental Role

3. What are the eligibility criteria for officers’ grade in RBI?

Before applying, you should ensure that you fulfill the eligibility criteria for the post. According to the Board, if the candidate does not satisfy the eligibility criteria for the post, his/ her candidature will be cancelled and he will not be allowed to appear for interview.

Eligibility required for applying are mentioned below:

(a) Age: Between 21 and 30 years. For candidates possessing M.Phil. and Ph.D. qualification, upper age limit will be 31 and 33 years respectively. For candidates having experience as an officer in Commercial Bank/Financial Institution in Public Sector, upper age limit is relaxed to the extent of number of years of such experience subject to a maximum of three years. For such candidates, upper age limit should not exceed 33 years including experience. For experience, probationary period will not be reckoned.

(b) Educational Qualifications : i) A First Class Bachelor's Degree with a minimum of 60% marks or an equivalent grade, in aggregate of all semesters / years ; OR ii) A Second Class Master's Degree with minimum of 55% marks or an equivalent grade, in aggregate of all semesters / years; OR iii) A Doctorate Degree; with minimum of 50% marks or an equivalent grade, in aggregate of all semesters / years in Master's Degree; OR iv) Chartered/Cost Accountant/Company Secretary (ACS) with a Bachelor's Degree; OR v) A Post Graduate Diploma in Management / MBA qualification from institutions recognized by Government of India / University Grants Commission, with Graduation / Bachelor's Degree.
NOTE: (1) SC/ST/PWD candidates having second class with a minimum of 50% marks or an equivalent grade, in aggregate of all semesters / years in Bachelor's Degree examination : OR having a Post-graduate Degree or equivalent recognized qualification, are eligible to apply.

(2) Some Universities/Institutes do not award Class or percentage of marks and allot Aggregate Grade Points (e.g. CGPA/OGPA/CPI, etc.). In case University/Institute defines criteria for conversion of Aggregate Grade Point into Class and/or percentage of marks, the same will be accepted. However, where the University/ Institute does not define criteria for conversion of Aggregate Grade Point into Class and/or percentage of marks, the undefined parameter(s) would be worked out as under:

Equivalent CGPA/OGPA/CPI
or similar terminologies
allotted on a 10-point scale

6.75 ----------------------------------- 1 (first) Class / Division --------- 60% (Aggregate percentage of marks)
6.25 ----------------------------------- 2 (second) Class / Division -------- 55% (Aggregate percentage of marks)
5.75 ----------------------------------- 2 (second) Class / Division -------- 50% (Aggregate percentage of marks)

(3) Aggregate Grade Point or percentage of marks where awarded would mean aggregate over the entire duration of the course.

(4) Where the Aggregate Grade Point (CGPA/OGPA/CPI, etc.) is awarded out of a number other than 10, it will be normalized out of 10 and computed as per item (2) above.

4. What is the Pay Scale and Perquisites in RBI?

Pay Scale: Selected Candidates will draw a starting basic pay of 21,000/- p.m. in the scale of 21000-1000-30000-EB-1000-32000-1100-36400 applicable to Officers and they will also be eligible for Dearness Allowance, Local Allowance, House Rent Allowance, Family Allowance, and Grade Allowance as per rules in force from time to time. At present, initial monthly Gross emoluments are approximately 47,855/-.

Perquisites:

a. Bank's accommodation subject to availability, reimbursement of expenses for maintenance of vehicle for official purpose, newspaper, telephone charges, book grant, allowance for furnishing of residence, etc. as per eligibility. Free dispensary facility besides reimbursement of medical expenses for OPD treatment/hospitalization as per eligibility. Interest free festival advance, leave Fare Concession (once in two years for self, spouse and eligible dependents). Loans and Advances at concessional rates of interest for Housing, Car, Education, Consumer Articles, Personal Computer, etc. The posts also carry benefits of Provident Fund, Pension and Gratuity.
b. Candidates selected for the post will be governed by 'the defined contribution New Pension Scheme (NPS)'.
c. At certain centres, limited number of residential quarters is available. Facility for securing residential accommodation on lease, however, exists at all centres.
d. Initial appointment will be on probation for a period of two years. At Bank's discretion, the probationary period may be extended upto a maximum period of four years.
e. There are reasonable prospects for promotion to higher grades.
f. Selected candidates are liable to be posted and transferred anywhere in India.

5. How to apply for this bank exam?

You have to apply only ON-LINE through the Bank's website i.e. www.rbi.org.in. You should not submit the system generated print out (hard copy) of the ON-LINE application to the Board's office.

Procedure for applying ON-LINE

a. You are first required to visit Bank's website www.rbi.org.in for filling the ON-LINE Application. . Detailed instructions for applying ON-LINE are available on the website.
b. Then enter basic details and upload the photograph and signature in the ON-LINE application form.

6. How to upload photograph and signature?

Procedure for Uploading the Photograph and Signature:

i. There will be two separate links for uploading Photograph and Signature
ii. Click on the respective link “Upload Photograph / Signature”
iii. Browse & Select the location where the Scanned Photo / Signature file has been saved.
iv. Select the file by clicking on it
v. Click the 'Upload' button

Your ON-LINE Application will not be registered unless you upload your photo and signature as specified.

7. What is the selection process of RBI?

Selection is done through Examinations and Interview. Examinations will be held in two phases [Phase-I ON-LINE Examination (Objective Type) and Phase-II Written Examination (Descriptive type)] as under:

a. Phase-I ON-LINE Examination (Objective Type): This Paper is approximately of 3 hours duration for 200 marks. The date & venue on which a candidate has to appear for examination will be specified in the Admission letter to be downloaded by the candidate. The Paper consists tests of i) General Awareness ii) English Language iii) Quantitative Aptitude and iv) Reasoning.
Candidates have to secure minimum marks separately for each test as well as aggregate, as prescribed by the Board. Candidates, who secure minimum marks separately for each Test, as prescribed, will be shortlisted for Phase-II of the Examination based on the aggregate marks obtained in the Objective Test.

b. Phase-II Written Examination (Descriptive Type): The date and time-table will be intimated to the candidates concerned at the appropriate time. The Examination will consist of three Descriptive Type papers – (i) Paper I – English (ii) Paper II – Economic and Social Issues and (iii) Paper III – Finance and Management. Each of these papers is of 3 hours duration carrying 100 marks.

8. What is the mode of fee payment?

You have the option of making the payment of requisite fees either through the ON-LINE mode or the OFF-LINE mode:
Off line mode of payment is as under:

a. You should fill in the details in the ON-LINE Application at the appropriate places very carefully and click on the “SUBMIT” button at the end of the ON-LINE Application form. Before pressing the “SUBMIT” button, candidates are advised to verify every field filled in the application. A Provisional Registration/Receipt Number and Password will be generated by the system and displayed on the screen. Note down the Registration Number and Password. An Email & SMS indicating the Provisional Registration number and Password will also be sent.

b. You can reopen the saved data using Registration number and Password and edit the particulars, if needed. This facility will be available for three times only. You should take a printout of the system generated fee payment challan immediately. No change/edit will be allowed thereafter. The registration at this stage is provisional.

c. Fee payment will be accepted from 2nd working day after registration and can be made within three working days at any branch of any one of the banks, viz. Bank of Baroda / Bank of India / Bank of Maharashtra/ Indian Overseas Bank / Central Bank of India / Punjab National Bank / United Bank of India. System generated fee payment challan should only be used for depositing fee. Once fee is paid, the registration process is complete.

d. Candidate will receive registration confirmation by SMS/E-Mail after two working days from the date of payment of fees. Please ensure to furnish correct Mobile number / E-mail address to receive the registration confirmation.

On line mode of payment is as under:
a. Carefully fill in the details in the ON-LINE Application at the appropriate places and click on the “SUBMIT” button at the end of the ON-LINE Application format. Before pressing the “SUBMIT” button, candidates are advised to verify every field filled in the application.

b. After ensuring the correctness of the particulars of the application form, you are required to pay fees through the payment gateway integrated with the application, following the instructions available on the screen. No change/edit will be allowed thereafter.

c. The payment can be made by using MASTER/VISA debit/ credit cards or Internet Banking by providing information as asked on the screen. On successful completion of the transaction, e-receipt and application form will be generated; take a printout for record.

d. If the ON-LINE transaction has not been successfully completed, candidates may register again. Candidates may then revisit ON-LINE Application link and fill in their application details again and make payment ON-LINE.

e. Amount of fees debited for unsuccessful transaction will be refunded to the mentioned account in due course.