In RBI, in terms of hierarchy the Gr B sits above Grade A officers, Sr. Assistants, Assistants, and Subordinate Staff. It looks like a pretty moderate job when you see the number of people reporting to you. In reality, the job makes you one of the most powerful voice in banking and finance. It is not like how many people report to you inside but how influential you are outside. Now, this influence is totally dependent from person to person and on ethical measures.
So let’s try and decode what exactly the Managers are doing inside Indian Central Bank. The job profile depends on the nature of work. So we have tried and divided the works of RBI in some major areas.
- Issuer of Currency – RBI has this job since its creation and it is one of the most known function of this organisation. The managers are key functionaries in this department. They are in-charge of various currency vaults like new notes vault, soiled note vaults, coin and other sections like note destruction section etc. In some cases a manager with some experience can also be made Treasurer of the RBI which means you effectively in-charge of currency section. In most of the currency departments (or Cash departments) you have more than hundreds of people working under you. The other part of the department is called Issue department. This part of the department takes care of planning and monitoring of currency. Most new managers have to visit this departments once in their career.
- Supervision – If you in a supervisory department you can work as an auditor/inspector who goes and checks health of Banks/ Urban Co-op Banks/ NBFCs/ Payment Banks/ Primary Dealers/Central Counter Parties etc. This is one of the most sought after job in RBI as it gives you intellectual satisfaction, a sense of displayable power and your direct contribution in Indian economy. As a manager you can be part of auditing team which is generally headed by a senior officer, however, you can also head a team in case the inspection is of small bank (UCB) or NBFC. In its recent board meeting, RBI has decided to make a separate cadre for this job as it requires specialised skills.
- Regulation and Enforcement– This is again one of the main job of RBI and Gr B posted in regulatory departments helps in making policy. Certainly every policy is finalised by the top management but the top management always rely on its staff to provide fresh ideas. In short, you make rules for Banks/ NBFCs/ UCBs/ PPIs/ etc. These departments also give and cancel licence of regulated entities. They even have a say in the top level appointments of banks. Sometime ago RBI has also started its Enforcement department which has a sole purpose of impose monetary penalties on banks and other entities regulated by the RBI. ( See recently SBI was fined)
- Foreign Exchange Manager and Financial Markets– These work areas are critical to RBI and mostly manned by young officers with dynamic approach. Managers can act as a Dealer in departments like FMOD- taking care of Money and Forex market , IDMD- taking care of Government’s debt and bond market, DEIO- Managing India’s forex reserve ( seems challenging and attractive) , FED- implementation of FEMA and regulation of Forex business.
- Financial Inclusion– This has been the top agenda of the government since last few years. RBI also contributes in it through its financial inclusion and literacy program. Here also the Managers and AGMs are the key functionaries. They keep a constant watch over the development of inclusion and literacy agenda by banks in their state. This job also requires lot of travel to the hinterland of our country and working in close association with civil servants.
- Customer Service – Banking ombudsman scheme and Customer service is the prime agenda of RBI. Managers are the key functionaries to deliver this mandate.
- Banking– RBI is the banker of the Central Government and State governments. So this is more like any other commercial bank job where they provide remittance, loan and deposit facilities to its customer.
- Payments and Information technology– Again, this is one of the most developing area in central banking all over the world. In RBI, it takes care of policies related to Payment systems ( like NEFT, RTGS, Wallets etc.) and regulatory challenges like crypto assets in recent times. This work is done by officers of DPSS. RBI also develops robust IT infrastructure for banking technology. All these works may be ended with a decision from a top notch official but are always started from a desk of Assistant/ Gr A or Gr B officer.
- Other areas– There other areas also like Risk Management Dept., HR, Communication department, Financial Stability Unit, Premises depts and many others which are mostly related with internal functioning. Work related to Monetary Policy and Research are done by DEPR/DSIM officers and Generalist officer have a limited role in those areas.
It is a brief overview. This gives an idea that the work of a Manager depends on her posting. In most cases they are the key functionaries from where the action starts.
In policy making jobs like SEBI or RBI, you may be in the lower ranks with effectively no outside displayable influence but every line you write has the power to make or break career of some big time fund manager, or move the market or it can make a positive impact in the form of rationalisation of charges or spreading of financial inclusion. It can only be compared with the policy making actions of GoI which certainly has a larger and wider impact.
with inputs from D.K Siva, Summer Intern RBI
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