Reserve Bank of India (RBI) was established in 1935 and is the central banking institution of India. It gives an opportunity to the Indian as well as the foreign students to work as interns and experience the working of a centralized bank.
What are the types of internships at RBI and who can apply?
1. Summer placements – Students pursuing bachelors in law or masters in business management, economics, econometrics, finance, banking, statistics, or commerce can apply to a 3-month internship at RBI from April to July. Selected candidates will be placed at RBI offices across the country and will receive a monthly stipend of 15K.
2. Research internships – Students pursuing B.Tech/B.E. or M.Tech in Computer Science or Data Analytics along with those pursuing masters or Ph.D. in economics, banking, statistics, or finance can apply to a 6-month research internship at RBI’s Mumbai office across five departments namely Department of Economic & Policy Research, Department of Statistics & Information Management, Financial Stability Unit, International Department, and Strategic Research Unit. Selected candidates will be offered a monthly stipend of 35K and may get a chance to extend the internship for another 6 months.
How to apply to an internship at RBI?
Students interested in working with RBI can apply to RBI internships in the following ways.
1. Apply online
a. Summer placements at RBI – Students can apply to a summer internship at RBI from 15th September to 30th October by filling in the prescribed application form and forwarding it to control offices of RBI. Students can also email the application form to the concerned authorities. Foreign students can also apply to RBI summer internships by filling in the application form and mailing it to the central office of RBI.
b. Research internship – You can apply to research internships at RBI by sending your CV, references, and statement of purpose to the concerned department (at their Mumbai office). You can also email these documents to the concerned departments. The applications are open from July to November and January to May.
2. Campus placement – RBI also hires interns from select few colleges such as IIMs and Amrita School of Business.
What after applying to an RBI internship?
After applying to an internship at RBI, the CVs are shortlisted on basis of marks attained in 10th, 12th, and college. Shortlisted candidates are called for a personal interview at the control offices of RBI with the general managers of various departments. In the interview, the questions could be categorized into three categories-
1. CV-based questions – They ask questions about your career path and your reason for choosing RBI for an internship. Some sample questions are –
1. What do you expect to learn from this internship?
2. How would this internship help your career?
3. Why do you want to intern at RBI?
4. Tell me something about yourself which is not on your resume.
5. Which projects have you worked on so far?
2. 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 with the 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 are –
1. What are the basic roles and functions of RBI?
2. What is the objective of RBI?
3. In which department at RBI would you like to work if selected?
3. 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 are –
1. Should commodity trading be allowed in India?
2. What steps do you think RBI must take to arrest the depreciation of Rupee?
3. Which is the recent thing that happened in the economy related to banking?
4. Do you think demonetization was a good move?
What to expect when your RBI internship starts?
On the first day of your RBI internship, you’ll be introduced to the DGM and the AGM along with the fellow employees and interns. You’ll be assigned a project as per your interest and a guide to help you during the internship. At the end of your internship at RBI, you would be required to give a final presentation to the regional director and the general managers at RBI and will receive a certificate of appreciation.
Words of advice from ex-interns –
1. 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.
2. 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.
3. 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.
4. 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.
RBI is a wonderful place to do your internship. Don’t take our word for it; hear what Geethu has to say about her internship experience at RBI. You can also read how Rohit secured an internship at RBI.
Now that you know the RBI hiring process, you may apply to an internship at RBI and gain the experience of working at a centralised bank. You may also look for finance and MBA internships on Internshala by registering here.
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