Reserve Bank of India has come up for the first time with variable pay structure for staff hired on contract basis.

The banking regulator has posted an advertisement on its website that it would be hiring 200 executive interns in the age group of 21 to 30 years on a contractual agreement for three years. The annual package of the interns hired would be Rs 5,00,000 in the first year along with performance based incentives upto Rs 50,000 per year.

It is for the first time that the apex bank is hiring people in this magnitude on a contract basis. It is expected that the newly appointed would be joining the Information Technology department.

Apart from information technology,it is expected that recruitment would also take place in areas like reserve management, which comes under the department of external investments and operations; derivates, foreign exchange department; inspection and audit, and risk management, both fall under department of banking supervision.

RBI has not hired employees in grade A position (assistant manager) since 1997 and no class III staff has been recruited since 1989. The only category in which recruitment takes place every year is Grade B(managers).