How to apply for RBI summer placement internships for Indian and foreign students


Are you looking for a short-term internship with RBI during the summer months next year? This article provides complete information about the summer placement internship programs scheduled each year at RBI during the months of April to July for Indian students and July to October for foreign students. The details of the eligibility requirements, stipend gives, and the application procedure are provided in this article.

Reserve Bank of India (RBI) provides two types of internships, one related to research areas and the other a summer training program. This article will focus on the summer internships, that are referred to as summer placements.

It is a good idea for commerce and banking students and those in related fields such as financial planning, econometrics (applying Stats to economic data), management, chartered accountancy, etc to take up an internship with RBI because, after all, it is the Central Banking authority and they are very professional. They will provide continuous mentorship and not just leave you to fend for yourself, as can be seen from personal experiences that have been narrated by students who have gone through the experience (just Google it to know the details). What's more, they provide excellent workspace facilities and reference materials, books, etc.

RBI Summer training internship highlights

Students from India as well as abroad are welcome to apply for the summer internship at RBI, for which there are up to 125 seats. Students are shortlisted for interviews based on their Biodata. This includes personal details, academic credentials, the subject of specialization, work experience and projects undertaken (if any) and extra-curricular activities. You can also give your preference of what you wish to work on and if possible, the project relevant to that may be allocated to you.

Students are assigned to a particular department and a senior RBI official will be mentoring you. Depending on the internship work, you may be provided reference material and you will be allowed to access the library. Practical exposure may be organized as well.



The duration and eligibility requirements are different, though. Indian students will undergo the summer internship in the months of April, June and July, while foreign students will do so in the months of July to October. Selected students will receive a monthly stipend of Rs.20,000/- (it is not clear if foreign student are also eligible for a stipend). Indian students will undertake the internship either at the Central Office in Mumbai or at one of the 16 branches (called Control Offices) in different cities in India. These are: Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, New Delhi, Patna, Thiruvananthapuram, and Dehradun. Foreign students, though, will be placed only at the Central Office in Mumbai.

Eligibility requirements

As an Indian student you can apply for the summer internship during the penultimate year/semester. You need to be studying in a reputed educational institute in India, pursuing either a Postgraduate course or an Integrated five-year course in one of these fields – Banking, Statistics, Commerce, Economics, Finance, Econometrics, Management or Law. Students who are pursuing a 3-year full-time professional Bachelor's degree in Law are also eligible to apply. A foreign student can apply who is pursuing higher studies in economics, finance, banking, management or any related fields in universities/institutes abroad. Those pursuing a five-year law program can also apply.



Application procedure for Indian students

Indian students should apply through their college/institute from 15th September to 30th October of the previous year for an internship starting from the month of April of the next year. For example, if you are seeking an internship starting in April 2021, then this is the right time to apply, starting from 15th of this month to 30th October 2020.

The application form for Indian students should be sent to "Control Offices of Reserve Bank of India". Address: Human Resource Management Department (Training & Development Division), Central Office, 21st Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai-400 001. Email: cgminchrmd@rbi.org.in.

Application procedure for foreign students

Students who are studying abroad should download and fill up application form for foreign students . The completed application form should be sent between 1st November and 31st December of the previous year for an internship starting from the month of July of the next year to -
The Chief General Manager
Reserve Bank of India
Human Resource Management Department (Training & Development Division),
Central Office, 21st Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai – 400 001
Maharashtra,
India.

Foreign students can also email an advance copy of the completed application form to cgminchrmd@rbi.org.in.



Important notes

You will be required to furnish a declaration of secrecy to the Bank before reporting for the internship. The duration of the internship may go beyond the duration of three-four months or maybe shortened also. Hence, be prepared for both, especially since you will need to make accommodation arrangements for yourself in the city where you are placed for the training. Do make inquiries about meals and facilities available.

RBI website: https://www.rbi.org.in/

Did you take up a summer internship with RBI? Do share your general experience (without providing specific details as per the undertaking for secrecy) in the comment box below.


Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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