Research internship opportunities with stipend at Reserve Bank of India
Are you keen on applying to RBI as a research intern? This article provides complete information on the departments of RBI where you can take up a research internship after graduation and postgraduation and get a monthly stipend for the duration of the internship. Details of the eligibility requirements and whom to contact for the internship have been provided as well.
Reserve Bank of India, which is the Central Banking organization that regulates all banks in the country, provides a wonderful stipend-based internship opportunity for students keen on taking up research work in any area that is relevant directly or indirectly to banking, finance or economics. Both Indian and foreign students are welcome to apply as research interns. Note that an internship does not entitle you to a job at RBI. It is strictly a research-based internship and not an employment position.RBI research internship benefits Students who are not looking for a research-based internship but one for the summer can learn how to apply for RBI summer placement internships. Similar to what is mentioned in that article, the benefits of doing a research internship is immense. For example, let's say that you are an engineering graduate in computer science. Isn't it interesting to find out how massive economic data is collated and neatly categorized in a central database of none less than the central banking authority of our country? Or consider having completed an MBA in International Relations. Imagine the awesome opportunity to work in the RBI Department that is in direct touch with international finance organizations such as the World Bank. You get a bird's eye view of the global finance scenario and can give useful analytical inputs on global policies. So just think about it and check out from the details below what all you gain through an RBI internship.
Highlights of an RBI research internship
The RBI internship is offered annually to a maximum of 20 interns. It is located only at Mumbai, Maharashtra and not at any other offices of RBI in the country. RBI requires every intern to submit a declaration of secrecy in the prescribed format prior to starting the internship.
Although the internship is generally for six months, it is possible that an extension will be given based on performance and further research-related requirements of the Department. Extensions will accordingly be given ranging from six months to maximum two years, with the possibility of a subsequent renewal every six months then on. During the RBI internship, you will receive a monthly stipend of Rs.45, 000/-. All relevant resources will be provided, including workspace and internet connectivity, but accommodation is not provided.
It is mandatory to complete the entire six-month internship period and only 12 days of leave is given on a pro-rata basis for the six-month period. If you wish to end the internship, then you are required to give notice of one month but if you are unable to give this notice, you will be charged one month's stipend.
Eligibility requirements
The academic qualification required to be eligible for the internship depends on which Department the research work is related to. However, work experience is not mandatory. An overview of the four departments' core work and the educational qualifications required to be a research intern in each department is provided below.Department of Economic and Policy Research (DEPR) internship
This department undertakes research for policies related to financial markets and other macroeconomic issues. All data related to finances are compiled by this department, which also publishes the annual report of RBI.
Eligibility: You should be a Postgraduate in Economics or Banking or Finance or have an MBA (Finance) qualification.Department of Statistics and Information Management (DSIM) internship
As the name of the department indicates, the personnel here collect data, process and analyze it and feed it into a central repository. They work on developing effective methods that would be useful for accessing and maintaining the database and provide technical support where required to other RBI departments. Surveys and analytical studies are also undertaken by the department from time to time.
Eligibility: You should be a Postgraduate in Statistics or Econometrics or Economics or have an MBA (Finance) qualification. A Graduate with a B.E. or a B.Tech. (Computer) degree is also eligible to apply. Strategic Research Unit (SRU) internship
Other than bringing out important policy papers for the top management within the given deadline, and publishing quality research material, SRU brings out the all-important Monthly Economic Monitor to review developments in the finance sector.
Eligibility: You should have a B.Tech. or B.E. Degree or have completed your Post graduation with quantitative -oriented degrees in Economics or Finance or Statistical Science or have expertise in Computer or Data Analytics. It is also mandatory to possess programming skills or have the skills to acquire them quickly.
International Department (ID) internship
This department works on financial market developments and financial regulatory norms on the global level. Through this department, RBI officials have interactions and communicate with the World Bank, the International Monetary Fund, SAARC and other international organizations.
Eligibility: You should have a Postgraduate Degree in Economics or Statistics or Finance or International Finance or International Trade. MBAs with specialization in finance or banking or International Relations are also eligible to apply.
In addition to the above-mention qualifications, for all Departments it is desirable to be proficient in applied econometrics and quantitative techniques and be familiar with some econometric software, such as Matlab, Eviews, Gauss, etc. Above all, as a research intern, you must have a strong sense of self-motivation and commitment to your research work, looking at it as an opportunity to get ahead in your career.When applications are accepted for RBI research internships
RBI schedules the selection process of candidates based on their applications twice a year as per Departmental requirements, with the internship starting either from 1st January or 1st July of the particular year. So if you wish to apply for the internship beginning in January 2021, for example, you need to apply in the months of July to November 2020 and the application will be screened in December 2020. Similarly, if you wish to apply for the internship that begins in July 2021, then you can send your application in the months of January to May 2021, with the applications being screen in June 2021.How to apply for an RBI research internship
Download and fill up the application form. Then, based on the type of research work that you are keen on doing, apply directly to the specific Department where you wish to take up the internship. The email ID of each Department has been provided below, and the address for communication of each Department is given at the end of this article.
Department of Economic and Policy Research (DEPR): deprprincipaladviser@rbi.org.in.
Department of Statistics and Information Management (DSIM): pradsim@rbi.org.in.
Strategic Research Unit (SRU): cgmsru@rbi.org.in.
International Department (ID): internationaldept@rbi.org.in.
To apply, you need to submit (i) your C.V., (ii) references of faculty members of the colleges/institutions (one reference is mandatory, and you can give two more references if you wish), and (iii) a Statement of Purpose that outlines why you wish to take up the research. Based on these, you may be called for a personal interview at Mumbai.Contact information
The address for communication for each of the Departments is as follows-
Department of Economic and Policy Research (DEPR):
Principal Adviser, Department of Economic and Policy Research, Reserve Bank of India,
7th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.
Department of Statistics and Information Management (DSIM):
Adviser-in-Charge, Department of Statistics and Information Management, Reserve Bank of India,
C-8/9, Bandra-Kurla Complex,
Bandra,
Mumbai 400 051.
Strategic Research Unit (SRU):
Director, Strategic Research Unit, Reserve Bank of India,
8th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.
International Department:
Adviser-in-charge, International Department, Reserve Bank of India,
8th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.
RBI website: RBI website: https://www.rbi.org.in/.
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This seems to be a good opportunity for learning the intricacies of these specialized subjects for the students of finance and economics and RBI being the apex body in this regard, we feel that these internships would be helpful to the candidates in getting a good job elsewhere. Otherwise also gaining additional advanced practical knowledge is always a welcome measure.