Jobs at Indian Central Bank are most sought after these days among the aspirants from Financial sector. Arguably, many people say it is one of the best possible place to work. However, certain aspects about the job are not liked by everyone. This post will discuss about the perceived drawbacks of working in RBI.
After every five years (4-5 year) you will get transfer from one state to another. In Mumbai, this frequency reduces to 8 to 10 year. For people with growing kids, this is one of the most challenging aspect of the job. As the family gets settle to a place; you have to pack your begs. You might be from Lucknow but you may end up joining in Chennai. Female officers sometimes get the facility to tag along with their husbands but it all depends on the place. Suppose your husband/wife works in a place like Ranchi then forget about getting a posting there as RBI has a sub-office there means very less staff.
Strict Department allocation
Experience of selected aspirants suggests that most of the time they are not satisfied with the department they were allocated. Most of them wanted some over hyped departments by their coaching gurus. The stress is mainly personality driven due to aspiration mismatch. This happens in civil services also when newly recruited guys are posted as CEO of Zila Parishad of some remote place; but no one cares there.
Negligible public interaction
Some candidates want public interaction as a part of their service. In civil services, it the public interaction which makes it demanding. This thing is totally missing from Central Banking services. They mostly interact with organizations like banks, NBFCs or government. Some commentators term this as the best aspect.
No lavish set-up
In comparison to Government departments, the set up inside RBI is more egalitarian. Almost everyone has same type of seats/work stations which is sometime not liked by hierarchy oriented brains. A Grade B officer gets same work station as the Assistant. At times, even a routine branch manager of a PSB gets a bigger workspace/cabin then most of the Central Bankers in India.
For Assistant cadre the promotional avenues are limited and slow. The speed by which RBI has recruited Officers in the last 10 years, the promotional avenues for Assistants got bleak. Plus, unverified rumors also suggest stagnation at various levels in RBI. This is not a good sign for candidates with shorter service period. Its just an observation as more the service better the chances to reach up to the top.
Housing Issues in Mumbai
This is not a unique problem to RBI, the city itself is short of space. The colonies have a waiting list but the good part is that RBI is giving a very handsome amount to lease flat.
This is a major concern for those who have joined RBI after leaving a well-paid corporate job. The growth rate in RBI is certainly slow as compared to top corporate. This can create frustration among many who want quick rise in earnings.
Central Banks are filled by economists and auditors who are generally conservative by nature. Most people are not open to exotic ideas the world of finance throw at them. Rightly so, as they were rewarded for their conservative approach in 2008 financial crisis. People with entrepreneurial or experimental mindset can sometime feel unhappy.
Some of your batch mates will join with very shining backgrounds while some of you will get lucky during the selection process. Every year 20-30% candidates are raw and have zero idea of banking. This weakness will not leave you once you are in. Unlike IAS, you can’t hide behind a close door cabin. In public services, you are surrounded by poor quality workforce, so survival is easy. It is not the same case with RBI. You have to improve constantly to catch-up with the fast changing world of banking regulations.
Limited social appeal
Such is the Indian mindset that they still can’t get over with the colonial hangover. Still the Sarkar and Sarkari Babu is the Maai-Baap. People have limited or virtually no understanding of What Central Banking is all about? The media, the people around you and not even your family members will give you any bhav for being a central bankers. You will remain limited as an elite among elites of financial world. Though this suits to many.
The views are personal.
You can read more about RBI and Central Banking from our blog.