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Date : Nov 25, 2016
Recruitment in Grade ‘B’ for Ph.D. Candidates for ‘Research Positions’ in RBI

1. Applications are invited for post mentioned below in Reserve Bank of India (RBI/Bank):

Post Number of Vacancies
Unreserved i.e., General (GEN/UR) Scheduled Castes (SC) Scheduled Tribes (ST) Other Backward Classes (OBC)# TOTAL
‘Research Positions’ ‘in Grade ‘B’* 03 00 00 01 04
* These are entry level openings
# The reservation will be applicable as per Govt. of India rules. Candidates belonging to OBC category but coming in the 'Creamy Layer' are not entitled to OBC reservation. They should indicate their category as 'General (GEN)’.

Note for PWD candidates:

(1) There is no reservation for Persons with Disabilities (PWD). However the PWD candidates are eligible to apply as General candidates without any concession except for age relaxation.

(2) The degree of disability should be (i) Minimum 40% in case of Orthopedically Handicapped (OH) persons, (ii) Minimum 40% in case of Hearing Impaired (HI)- sense of hearing is non-functional for ordinary purposes of life; do not hear, understand sounds at all even with amplified speech; hearing loss more than 60 decibels in the better ear (profound impairment) or total loss of hearing in both ears, and (iii) For Visually Handicapped (VH) persons either of the following conditions should be fulfilled:

  1. Total absence of sight.
  2. With visual acuity not exceeding 6/60 or 20/200 (Snellen) in the better eye with correcting lenses.
  3. With limitation of the field of vision subtending an angle of 20 degrees or worse.

(3) PWD candidates should possess a latest certificate to this effect issued by an authorized Government of India/ State Government Department/ Hospital.

(4) Within the overall notified total vacancies, PWD candidates belonging to any of the three categories of disability will be considered for selection, subject to their suitability

(5) Only following categories of PWD candidates are eligible to apply for this post:

  1. OH candidates: OA - One arm affected (Right or Left); BL – Both legs affected but not arms; OL – One leg affected (Right or Left),
  2. HI candidates: PD - Partially Deaf; D - Deaf
  3. VH candidates: B - Blind; LV- Low Vision

2. Eligibility Criteria (as on November 1, 2016):

(i) Age (as on November 1, 2016): The applicant should be below 34 years of age. Upper age is relaxable by-

  1. Three years in the case of eligible OBC candidates as one post is reserved for them.

  2. Five years in the case of: i) Ex-employees of banking institutions whose services had to be terminated for reasons of economy or as a result of bank going into liquidation and personnel retrenched from Government Offices after at least one year's service and currently registered with Employment Exchange, ii) Ex-servicemen (including Emergency Commissioned Officers/Short Service Commissioned Officers) provided applicants have rendered at least five years continuous Military Service and have been released on completion of assignment (including those whose assignment is due to be completed within one year) otherwise than by way of dismissal or discharge on account of misconduct or inefficiency or on account of physical disability or have been released on account of physical disability attributable to Military Service or on invalidment, iii) Emergency Commissioned Officers/Short Service Commissioned Officers who have completed their initial period of assignment of five years of Military Service but whose assignment has been extended beyond five years and in whose case the Ministry of Defence issues certificates that they would be released on selection within three months from the date of receipt of offer of appointment, iv) Candidates who had ordinarily been domiciled in the State of Jammu and Kashmir between 1st January, 1980 and 31st December, 1989.

  3. 10 years for PWD (GEN); 13 years for PWD (OBC) candidates.

  4. For eligible staff candidates the relaxation in age limit is according to RBI circular CO.HRMD.No.G-75/5599/05.01.01/2013-2014 dated December 20, 2013.


(ii) Educational Qualifications (to be completed before July 31, 2017): Ph.D. in areas of Economics or Finance from reputed universities is the minimum required educational qualification. The Bank will also look at those with interest and expertise in related areas in econometrics, computational and theoretical economics. High quality research potential and communication skills of international standards are essential.

3. Job Profile: Specific areas of our research interest include Monetary economics, e-banking and financial institutions, central banking, corporate finance, financial markets, financial regulation, financial stability, household finance, liquidity, payment systems and related areas of macro finance such as real‐financial sector linkages and international economics and finance. Candidates will be expected to do policy oriented research to assist in RBI’s economic policy formulation. Candidates should have the ability, background, and motivation to conduct quality research independently and also help develop a vibrant research environment. Candidates will also be expected to conduct high quality original research directed at the top economics and finance journals.

4. Service conditions:

(A) Nature of appointment

Candidates may choose the option regarding appointments i.e. either (i) on permanent basis with a probation period or (ii) on contract basis. Candidates are advised to give their choice for the option at the time of ‘Job Seminar’.

(B) Compensation for the post:

(a) On Regular appointment (on permanent basis) with a probation period:

  1. Pay scale: The revised pay scales applicable Grade ‘B’ Officers are Rs.35150 -1750(9) - 50900-EB-1750(2) - 54400-2000(4)-62400. The selected candidates will be granted four additional increments. They will also be eligible for Dearness Allowance, Local Compensatory Allowance, House Rent Allowance, Special Allowance, Grade Allowance and PhD Allowance as per rules in force from time to time. At present, initial monthly Gross emoluments are approximately Rs.83000.

  2. Perquisites: 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 of Children, Consumer Articles, Personal Computer, Personal Travel, etc. Selected candidates will be governed by 'the defined contribution New Pension Scheme (NPS)', in addition to the benefit of Gratuity.

  3. At certain centres, limited number of residential quarters is available. Facility for securing residential accommodation on lease, however, exists at all centres.

  4. 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.

  5. There are reasonable prospects for promotion to higher grades.

  6. Selected candidates are liable to be posted and transferred anywhere in India.

  7. The selected candidate will be governed by RBI Staff Regulations 1948

(b) On Contract appointment: The equivalent annual compensation package on CTC basis will be approximately Rs.20.00 Lakh (INR 2.00 Mio) per annum.

5. Selection Procedure: A screening of the applications will be carried out for shortlisting eligible candidates who will be called for a preliminary interview. Candidates shortlisted after the preliminary interview will be invited to present a ‘Job Seminar’ at the RBI. The final selection will be made based on the candidates’ performance in the ‘Job Seminar’.

Merely fulfilling the minimum requirements laid down for the post would not automatically entitle any candidate for preliminary interview/Job Seminar. The place and date of preliminary interview/Job Seminar will be advised to the short-listed candidates in due course.

6. How to apply:

(i) The candidates applying for the post must submit their application by e-mail or by post to “The General Manager, Reserve Bank of India Services Board, Third Floor, RBI Building, Opp. Mumbai Central Railway Station, Byculla, Mumbai - 400008” in the prescribed format (as given below in this advertisement).

(ii) A recent photograph is to be pasted at the appropriate place and application should be signed by the candidate. Incomplete and illegible applications will be rejected.

(iii) The subject mentioned in the e-mail / cover containing the application should be super scribed with the name of the post applied for i.e. ‘Application for Research Positions in RBI’.

(iv) The following documents should be submitted along with the application:

  1. Proof of age (copy of High school leaving/ passing certificate mentioning the Date of Birth, passport, etc.)

  2. Copy of Certificate of acquiring Ph. D. in Economics or Finance (if completed) or documentary evidence to establish registration for the course.

  3. CV, Details of Research work, links to published and unpublished research work and names and e-mail address of three academic scholars to serve as references.

  4. OBC candidates have to submit a latest OBC caste certificate issued on or after October 1, 2015 along with OBC declaration form.

  5. PWD candidates should submit a latest certificate to this effect issued by an authorized Government of India/ State Government Department/ Hospital.

7. General rules/ instructions:

(i) Application format is given at the end. Candidates should apply in the prescribed format.

(ii) Candidates should enclose copies of the relevant certificate/s (in support of age, educational qualification) and appropriate documents in support of the research work, with the application. Their candidature will be considered on the strength of the information declared in the application and the copies of certificates/ documents submitted therewith. If at any stage, it is found that any information furnished in the application is false/incorrect or if according to the Board, the candidate does not satisfy the eligibility criteria, his/her candidature/appointment is liable to be cancelled/terminated.

(iii) Candidates called for preliminary interview/Job Seminar (residing in India or abroad), will be reimbursed to and fro Economy Class air fare by the shortest route from the place of their residence/work to the place of interview in India.

(iv) Canvassing in any form will be a disqualification.

(v) In all matters regarding eligibility, conduct of interviews, assessment, prescribing minimum qualifying standards in interview, in relation to number of vacancies and communication of result, the Board’s decision shall be final and binding on the candidates and no correspondence shall be entertained in this regard.

(vi) Any resultant dispute arising out of this advertisement shall be subject to the sole jurisdiction of the Courts situated at Mumbai only.

(vii) The posts are also open to the employees of RBI (Staff Candidates) who satisfy the eligibility criteria separately stipulated by the Bank vide their circular CO.HRMD. No. G-75/5599/05.01.01/2013-2014 dated December 20, 2013.

(viii) Candidates employed in Government/Public Sector in India: All candidates working in Government Sector, Government owned industrial undertakings, Public Sector Undertakings/Financial Institutions/Banks, Public Enterprises or other similar organisations (in India), whether in a permanent or temporary capacity or as work-charged employees other than casual or daily rated employees, are required to inform their employer (Head of Office/Department) in writing, about applying for this recruitment, prior to the submission of their application to the Board. At the time of applying, candidates working in such organisations, are required to submit an undertaking that they have informed in writing about applying for this recruitment to their Head of Office/Department. Candidates should note that in case a communication is received at Board from their employer, withholding permission to the candidate applying for this recruitment / interview, their application/candidature will be liable to be rejected.”

At the time of joining, the recommended candidates will have to bring proper discharge certificates from their PSU/Government/Quasi-Government employer.

8. Closing date: The application, enclosing all prescribed documents should reach the Board’s Office by post or by e-mail by December 16, 2016. The Board takes no responsibility for any delay in receipt of Application/s or loss thereof in postal transit.

NOTE: Corrigendum and further announcement, if any, will be published only on Bank’s website.