Research Internship (Jul 2024)

About Reserve Bank of India

Reserve Bank of India (RBI) is India’s central bank responsible for issuing currency, extending credit to the government, regulating the commercial banking sector, and assessing the country’s economic health. It is best known for being the central financial authority in India. Their vision is to promote the integrity, efficiency, inclusiveness, and competitiveness of the financial and payments system.

Your role

Objective:

The Research Internship scheme provides an opportunity for young individuals to expose themselves to cutting-edge research in central banking. It best suits individuals who have been in college relatively recently and wish to move on to pursue a Ph. D. in Economics, Banking, Finance, or related fields, or to positions in government research institutions, or financial institutions that require a quantitative and analytic orientation.

Role description:

The opportunity will be open to domestic as well as foreign students. Strong motivation is critical. Their work environment will give candidates many opportunities to learn and participate in research. Candidates should be keenly interested in their core areas of research and be able to derive benefit from their work in these areas.

The Intern:

• Will assist and collaborate with RBI researchers on projects to provide policy inputs and papers targeted for publication in quality economics and finance journals.
• Will assist in compiling accurate and timely data and assist with the relevant analytical, statistical, and econometric tools necessary to execute the research projects.
• May transition to writing research and policy articles of good quality.

Placement:

Placements would be in four departments of RBI namely the Department of Economic and Policy Research (DEPR), the Department of Statistics and Information Management (DSIM), Strategic Research Unit (SRU), and International Department (ID). The details of these departments are given later in this document.

Duration:

• The intern should necessarily complete the 6 months internship period after selection and if he/she decides to terminate the same, a notice period of at least one month must be served. If under any circumstances, the intern is unable to serve the notice period he/she would have to pay an amount equivalent to one month’s stipend.
• Reserve Bank reserves the right to terminate the internship with a notice period of one month without giving any reason.

Training & development

As a Research Intern at the RBI, participants undergo a comprehensive training program that combines theoretical knowledge with practical insights into monetary policy, economic analysis, and financial markets. Engaging with seasoned economists and experts, interns gain a nuanced understanding of India's economic landscape, contributing to research projects that directly influence key policy decisions. This unique opportunity equips interns with valuable skills, fostering a deep appreciation for the intricate workings of the country's financial system.

Salary & benefits

RBI will pay a stipend of ₹ 45,000/- (Forty-Five Thousand only) per month.

Facilities provided:

• RBI will provide office space, internet connectivity, and other support facilities to the interns.
• The interns will be entitled to leave at the rate of 12 days per six months (leave will be calculated on a pro-rata basis for any fractional period) and any absence beyond the above period will be treated as leave without compensation.
• Interns will be required to make accommodation arrangements of their own.

Career progression

The internship will be for a period of 6 (six) months extendable for another 6 (six) months based on the needs of the unit and the performance of the intern. Exceptional performers might be considered for further extension (the total internship period may be for a maximum period of two years with a provision for renewal every six months).

Work-life balance

Interns at the RBI experience a harmonious work-life balance, with a structured yet flexible schedule that fosters both professional growth and personal well-being. The inclusive work environment encourages collaboration, allowing interns to thrive in their roles while maintaining a healthy equilibrium between challenging assignments and opportunities for learning and development. The RBI values the holistic development of its interns, ensuring a fulfilling and balanced internship experience.

Culture & vibe

The RBI pulsates with a harmonious blend of tradition and innovation, as the hallowed halls echo with the cadence of monetary wisdom. Amidst the hum of financial deliberations, a vibrant tapestry of cultural diversity weaves together, fostering an atmosphere where economic expertise converges with a kaleidoscope of perspectives, shaping the heartbeat of India's financial nerve center. Here, the rhythm of fiscal stewardship resonates with the dynamic cadence of a nation's economic journey.

About you

Eligibility:

• DSIM: Post Graduate in Statistics / Econometrics / Economics or B.E./B.Tech. (Computer) or MBA (Finance)
• DEPR: Post Graduate in Economics / Banking / Finance or MBA (Finance)
• SRU: B.Tech. or B.E. or Post Graduate with quantitative-oriented degrees in Economics / Finance / Statistical Science or those with expertise in Computer or Data Analytics. Programming skills or the ability to acquire them are necessary.
• ID: Post Graduate degree in Economics / Statistics / Finance / International Finance / International Trade / MBA with specialization in finance / Banking / International Relations.

Desirable qualification:

• Proficiency in applied econometrics and quantitative techniques; familiarity with some econometric software (e.g. Stata / Eviews / Matlab / R / Gauss).
• Work experience: Not a pre-requisite

How to apply

Applications can be submitted to their respective department email for the internship you wish to apply for,

Mode of application:

• Selections will be done twice a year depending on RBI’s requirements in a manner that the internship commences from the 1st of January or the 1st of July of the year concerned. The application window will remain open during the first five months of the preceding half-year. To illustrate, applications for internships commencing from the 1st of January onwards will be accepted from July-November of the previous year and will be examined in December of the previous year. Likewise, applications for internships commencing from the 1st of July onwards will be accepted from January- May and will be examined in June of the same year.
• The applications of the candidates are valid only for the applied batch (i.e. 1st January / 1st July) and the same will not be considered for the subsequent batch. Candidates who were not selected earlier, if interested, are requested to apply afresh when the application window for the next intended batch commences.
• Candidate will be shortlisted by the Bank based on their CV, References, and Statement of Purpose and will be called for personal interview. Interested candidates are encouraged to send their CV, References, and Statement of Purpose along with a duly filled application form to the email of the specific department desired by the applicant.
• Incomplete applications and applications without a CV, References, and/or Statement of Purpose are liable to be rejected.
• References may be obtained from the faculty members of the related colleges/institutions of the respective applicants.

Sources

The following sources were used in researching the information for this page:

• opportunities.rbi.org.in/Scripts/Vacancies.aspx
• youtube.com/@reservebankofindia593/featured