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Reserve Bank of India to conduct UPSC like exam to recruit talent

The Reserve Bank of India (RBI) is currently planning to bring forth a common recruitment system in order to tap talent for its core functions. The apex banking and financial institution has hinted that this new recruitment system will be loosely based on the UPSC exam for civil services.

The new recruitment system is likely to come into effect from 2015. “Starting from 2015, there shall be common recruitment for all core functions of the bank,” the RBI noted in an internal report on HR initiatives.

Under the existing recruitment system, officers and support staff for core and non-core functions are hired through different examinations. The RBI currently has a workforce of nearly 17,000 employees.

According to reports, the new UPSC like exam will cover additional domains such as niche skills, risk management, legal, accounting, human resource management, counseling, and financial markets trading etc. in addition to economics and statistics.

The officers thus hired will have a common seniority. Simply put, it will be much like the common cadre under the All India Services section of the UPSC.

Efforts are currently being made to wrap-up the entire recruitment cycle within three to four months. A new assessment center will be enacted by December to assess the actual as well as possible performance of an officer. “We do need to engage external consultants,” the RBI said.

The RBI also plans to disassociate itself from various functions such as micro management of sector lending and debt management, just to name a couple. On the other hand, the focus on on-tap bank licensing, enforcement, risk modeling, IT systems, differentiated bank licensing etc. will increase.

In addition, new units including the likes of departments for corporate services, market intelligence division, etc. are also on the verge of being announced.

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