Research Internship Scheme of RBI-Essential Qualifications, Experience, Mode of Applications, Selection Process, Duration and Stipend payable.

Research Internship Scheme of RBI-Essential Qualifications, Experience, Mode of Applications, Selection Process, Duration and Stipend payable.

Objectives:
The Reserve Bank of India has introduced a Research Internship Scheme to provide an opportunity to young individuals to expose themselves to cutting edge research in central banking. The scheme is aimed at individuals who have recently finished their graduation and wish to pursue PhD in economics, banking, finance or related fields, or to move to positions in government research institutions or financial institutions that require a quantitative and analytic orientation.

Role Description
The Intern

• Will assist and collaborate with RBI researchers on projects to provide policy inputs and papers targeted for publication at 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 appropriate quality.

Qualification

• The opportunity will be open to domestic as well as foreign students.
• Applicants should have completed 3-year undergraduate degree plus one extra year of post-graduate studies or 4 year integrated courses such as B.Tech or B.E. before joining. We seek candidates with quantitative- oriented degrees in economics, finance, or statistical sciences or those with expertise in computer or data analytics or engineering. Programming skills or ability to acquire them are necessary.
• Strong motivation is critical. Our work environment will give candidates many opportunities to learn and participate in research. Candidates should be keenly interested in our core areas of research and also be able to derive benefit from our work in these areas

Work Experience  Not a pre requisite.

Mode of Application

• Selections will be done twice a year depending on RBI’s requirements in a manner that the internship commences from 1st of January or 1st of July. Application window will remain open during first five months of the corresponding half-year. To illustrate, applications for internships commencing from 1st of January onwards will be accepted during July- November and will be examined in December of the previous year. Likewise application for internship commencing from 1st of July onwards will be accepted during January- May and will be examined in June.
• Candidate will be shortlisted by the Bank based on the 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 through e-mail to the email id relevant to the desired Research Area/ Department.

Method of Selection

• The Bank would select a maximum of 10 interns every year.
• Placements would be in departments such as DEPR / DSIM / SRU as detailed below:

Department of Economic and Policy Research(DEPR)

• The Department of Economic and Policy Research undertakes policy supportive research under a structured research agenda on macroeconomic issues specifically in the areas of monetary policy, financial markets, forecasting of macroeconomic variables, financial stability, and external sector management.
• The primary statistics on monetary aggregates, balance of payments and external debt, flow-of-funds, financial savings and state finances are compiled in the Department, which are disseminated by the Reserve Bank through print and electronic media.
• The Department is responsible for publishing the statutory Annual Report of the Reserve Bank. The History of the Reserve Bank is also published by the Department. Other regular publications of the Reserve Bank brought out by the Department include State Finances: A Study of Budgets of State Governments, RBI Monthly Bulletin and Weekly Statistical Supplement.
• The Department supports and encourages research environment in the country through its Research Chairs, Fellowships and sponsoring of research projects and studies.
• Communication Address:
  Shri B M Misra
  Principal Adviser
  Department of Economic and Policy Research
  Reserve Bank of India
  7th Floor, Central Office Building,
  Shahid Bhagat Singh Road,
  Mumbai-400 001.
  Please click here to send email

Department of Statistics and Information Management(DSIM)

• Collection, processing and analysis of data on banking, corporate and external sectors.
• Planning, designing and organising quick sample surveys regularly for area of interest to the Reserve Bank.
• Maintaining the Reserve Bank’s Data Warehouse and disseminating data/information.
• Modelling and forecasting of important macro-economic indicators.
• Development of methodology for the measurement and estimation of variables and improvement of the database of various sectors of the economy through participation in committees, working groups, etc.
• Providing technical support to other departments of the Reserve Bank in statistical analysis in specific areas and undertaking studies in the areas of interest to the Reserve Bank.

Current Focus

• Building a technology-driven centralised information management of receipt, processing, production, storage and retrieval of data and its dissemination system based on data warehousing approach. The system provides the decision-makers, analysts and researchers, online and real-time access to a central repository of clean and consistent historical and current data.
• Standardisation in reporting of financial data under XBRL, which is being integrated with the data warehouse, and is envisaged to be the only platform for receiving and validating the incoming data in due course.
• Developing a statistical system for maintaining data quality.
• Bringing out Reserve Bank’s data publications directly from the data warehouse.
• Undertaking forward-looking surveys on macroeconomic changes and expectations for monetary policy formulation. Conducting other periodic surveys to fill data gaps on relevant indicators, e.g., housing, employment placement for fresh graduates, etc.
• Improving the coverage of studies relating to finances of private corporate sector of the economy.
• Generation of forecasts of macroeconomic variables and related empirical work, including developing a quarterly macro-econometric model for forecasts and policy simulation.
• Undertaking analytical studies using of various statistical, econometric and operational research techniques which are relevant for the Reserve Bank.
• Communication Address:
  Dr. Goutam Chatterjee
  Officer-in-Charge
  Department of Statistics and Information Management
  Reserve Bank of India
  C-8/9, Bandra-Kurla Complex,
  Bandra, Mumbai-400 051.
  Please click here to send email

Strategic Research Unit(SRU)
The unit produces 4 key products. First, it produces high quality policy notes within short deadlines, which answers questions of interest to top management across all verticals. Second, it produces high quality policy papers of interest to top management. Third, it produces research papers of publishable quality. Fourth, on the surveillance side, the unit produces a monthly economic monitor that reviews key macroeconomic & financial sector developments, and also features research on special themes of contemporary relevance.
• Communication Address:
Dr.Prachi Mishra
Chief General Manager
Strategic Research Unit
Reserve Bank of India
8th Floor, Central Office Building
Shahid Bhagat Singh Road,
Mumbai-400 001.
Please click here to send email

Interested candidates as per their choice of area of research would apply directly to the concerned department at the address as mentioned above with CV, References and Statement of Purpose.

Duration

• 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 (total internship period may be for a maximum period of two years with a provision for renewal every six months).
• The internship is based at Mumbai, India
• Reserve Bank reserves the right to terminate the internship with a notice period of one month without giving any reason.

Facilities Provided

• RBI will provide office space, internet connectivity and other support facilities to the interns.
• RBI will pay a stipend of Rs 35,000/- per month. Interns will be required to make accommodation arrangements of their own.

Declaration of Secrecy

• Interns are required to furnish to RBI a declaration of secrecy in the prescribed format before commencement on the internship

No Right of Appointment

• The interns shall have no right / claim for an appointment in the Bank by virtue of their internship.