Internship at RBI: How it all happened!
About the Author: Rohit Jain (in the center) is a student of Prin. L. N. Welingkar Institute of Management Development & Research, Bangalore. He shares with us his internship experience at RBI and gives us excerpts from his interview.
“If you don’t build your dream, someone else will hire you to help them build theirs”
– Tony Gaskins Jr.
My internship with Reserve Bank of India was like a dream come true for me. Searching for an internship, I came across an application form released by RBI in the month of October. While filling the form, I didn’t expect to get an opportunity to work with RBI. At the same time, I also gave interviews in other companies but was unable to convert any. I was working hard on my communication and interpersonal skills by appearing for various mock interviews. After three months, I received an email from RBI stating that my application form had been shortlisted for the interview round. I started reading about RBI’s new policies, schemes, functions, and banking laws to prepare for the next round.
Twenty students from Karnataka had made it to the last round. We were asked to report at 10 am sharp. First, our identities were checked and then, we were guided to the interview room. When my turn came, I was nervous as well as confident as I knew I had done my preparation. When I got inside the room, I shook hands to show them my level of confidence. The interview panel consisted of 3 members. These were the questions asked during the interview process:
Q1. Tell me something about yourself which is not on your resume?
I answered this question by narrating a story which highlighted my strength, i.e., determination.
Q2. What are the five main functions of RBI?
I was well prepared for this question, and I answered it satisfactorily.
Q3. What are your hobbies?
I told them that I loved playing and watching cricket, and acquiring general awareness was one of my favorite pastimes.
Q4. Whom do you like Sachin or Kohli?
They started pulling my leg by saying that I was from Delhi, and so, I must be a fan of Virat Kohli. However, I told them that I am a big fan of Sachin, and even Kohli’s idol is Sachin, to which they started laughing.
Q5. Which department would you want to work in if you get selected?
I replied that I wanted to work in the currency issue department as I wanted to understand how the currencies are issued and circulated in the economy.
Q6. Which is the recent thing that happened in the economy related to banking?
It was a simple question – I answered demonetization.
Q7. Is demonetization good for the economy, or not?
I gave them the facts and figures of the demonetization held in India and compared it with the other countries. Based on the comparison, I explained that the success rate was very low.
The interview went well as I knew the answers to all the above-mentioned questions. After a few days, I got a call from the HR department regarding my selection. I was delighted because I had achieved my dream internship.
Then the day came when I had to report at the RBI office. I started the day on a positive note; I was introduced to my project mentor, DGM, and AGM of the Issue Department, and other fellow employees. I worked on a project named – Security Features of Indian Currency vis a vis Foreign Currency and Ways To Boost Awareness About It. The objective of my study was to study the security features of Indian currency vis a vis foreign currency, to get the practical implication about the functioning of currency management, to find ways to minimize currency counterfeiting, and to check the consumer awareness level regarding the authenticity of notes.
The study was a combination of both primary as well as secondary level research. For the first 3 weeks, I studied about the security features of different country’s currencies, visited the websites of central banks of 20 countries, analyzed the difference between the security features, and prepared an excel sheet stating the security features and names of the countries. By doing this, I understood where the Indian denomination notes were lacking. In the last few weeks, I visited several banks to understand their perspective about the lack of the security features and what should be done to improve them in order to come at par with the world’s top currencies like Kazakhstan Tenge, US Dollar, Swiss Franc, etc. which have won the best currency award many times. I also interacted with the Issue department employees who have many years of experience, and as a result, I prepared two questionnaires – one for the bank employees and the other one for the customers who have an account with the banks. This was done to understand where the employees and the customers were lacking in identifying the difference between a fake and a genuine note. I had delivered my best and was extremely happy with the project.
RBI has a structured work culture; it is one of the best places to work at. It was a privilege to be a part of a prestigious organization and to work with renowned people who have vast experience and are making our nation stand out on a global level.
Are you inspired by Rohit’s stint at RBI? Check out these latest finance internships.
Editor’s note – If you also have an interesting story to share, you can now participate in Your Internship Story Contest 2017 and win cash prizes and goodies worth INR 1 Lac!
