Reserve Bank of India (RBI) was established in 1935 and is the central banking institution of India. It gives an opportunity to the Indian and well as the foreign students to work as interns and experience the working of a centralized bank.
How to apply?
Every year RBI rolls out an advertisement for hiring interns for summers on September 15th. The application deadline is 30th October and the internship period is for a maximum of three months during the months of April to July. RBI even connects to the Training and Placement departments of some colleges regarding this. You need to fill a prescribed form and submit the CV at the control office of RBI. The RBI has a total of sixteen control offices in different states. Besides that RBI also conducted a nation-wide examination under the name of RBI Young Scholars Awards Scheme for undergraduate students from which it chose 100 students as interns. The scheme, however, has been discontinued since two years.
Who can apply?
Students pursuing Post-Graduation courses in Management / Economics / Econometrics/ Banking / Finance / Law (five-year program) can apply for summer placement during their 2nd semester. Moreover, the under-graduation background also goes a long way in determining the department you get placed in.
What after applying?
After applying, the CVs are shortlisted on basis of marks attained in 10th, 12th and under-graduation. Interviews are conducted during November and December in the control offices of the respective region form which application was received. The interview panel might consist of 5-6 people, all of whom hold high posts in the organization. In the interview, the questions could be categorized into three categories-
- Resume based
- How much you know about RBI and its policies
- Current affairs relating to the economic world and general knowledge
Resume/CV based questions are related to one’s career. They ask questions about your career path and your reason for choosing RBI to do an internship. Examples of few such questions-
What do you expect to learn from this internship?
How would this internship help your career?
Know thy organization! The panelists of the interview are quite senior people in the bank and they expect the interns to know RBI in and out. Visiting their website and being well-versed about various policies and functions of RBI would be sufficient. In addition, collecting more information from other sources would accentuate the chances of getting selected. Examples of such questions-
What are the basic roles and functions of RBI?
What is the objective of RBI?
Be informed of the financial world. Being the central banking institution of India, questions regarding monetary policies and topics relating to the economics of the country are obvious. The panelists generally ask questions about the current hot topic of the finance sector, for eg, about inflation or about the depreciation of rupee. Examples of such questions-
Should commodity training be allowed in India?
What steps do you think RBI must take to arrest the depreciation of Rupee?
You’re asked to list the departments you would like to work while filling the form and if you clear the interview then you might get a role in it based on vacancies available.
Word of advice from ex-interns :-
Be thorough with RBI. It is THE premier bank of India; getting into it isn’t easy. Put efforts into your application and work diligently.
Have a sound knowledge of current economic policies. RBI deals with the dynamic world of finance. New terms are coined every month and new topics are discussed every day. Be adept with the latest news.
Decide what role you want to fit in. An internship at RBI is a very important step in your career. Thus it would be wise to play according to your strength.
Never bluff in the interview and be confident. Remember that the best of the best are taking your interview. Pitch yourself in a positive way and never ever argue with them in case your opinion differs on certain topics.
Refer to the RBI official website for further details.
Image credits: http://galleryhip.com/rbi-logo.html