A Complete Guide to Reserve Bank of India’s Summer Internship Program – 2024

The Reserve Bank of India (RBI) offers an excellent opportunity for students, both domestic and international, to gain real-world exposure to the workings of a central bank through its Summer Internship Program. This program allows participants to work on central banking projects under the guidance of experts from the RBI.

Who Can Apply?

• Domestic Students: Students pursuing post-graduate courses, integrated five-year courses in fields like Management, Statistics, Law, Commerce, Economics, Banking, and Finance, or professional bachelor’s degrees in Law from reputed Indian institutions. Eligible students must be in the penultimate year of their course.
• Foreign Students: Those pursuing higher studies in Economics, Finance, Banking, Management, Law (five-year program), or related fields in universities or institutes abroad are eligible to apply.

Application Process

• Domestic Students: Applications should be submitted via the online portal between October 15 and December 15 of the preceding year. Students must ensure their application corresponds with the location of their college or institution.
• Foreign Students: Applications should be submitted between November 1 and December 31. Eligible students are required to fill out the prescribed form and mail it to the RBI’s Central Office in Mumbai. An advance copy of the application can also be emailed.

Key Details:

• Duration: Maximum of three months. For domestic students, the internship is usually between April and July; for international students, it runs from July to October.
• Stipend: ₹20,000 per month.
• Placement Location: Domestic students will be assigned to an RBI office based on their institution’s location. International students will be assigned to Central Office departments in Mumbai.
• Selection Process: RBI selects up to 125 domestic students annually. Interviews for shortlisted candidates are conducted in January/February, with final selection communicated in February/March. International students will be notified of their selection by February 15.

Important Dates:

• Domestic Students: Apply between October 15 to December 15.
• Foreign Students: Apply between November 1 to December 31.
• Interviews & Selection: January/February for domestic students, selection by February 15 for foreign students.

Benefits of the Internship

The RBI Summer Internship offers participants hands-on experience in central banking operations, valuable mentorship from industry professionals, and a monthly stipend of ₹20,000. While outstation domestic trainees are reimbursed for certain travel expenses, accommodation is not provided, and students must arrange their own lodging.

Links

RBI Summer Placements: https://opportunities.rbi.org.in/scripts/summer.aspx#dost
Online web-application form: https://opportunities.rbi.org.in/scripts/ApplicationForm.aspx
Application Form – Foreign Students: https://opportunities.rbi.org.in/foreignstudents.pdf