“Reserve Bank of India” – Whenever we say the name of India’s central bank, we feel proud that it is safeguarding all of us by taking care of monetary policies. I couldn’t even imagine the moment when I got selected for RBI’s summer placements program. I was on cloud nine to accept that wonderful opportunity.
Working with the central bank of India was an enriching experience and I got a chance to interact with top-level financial minds. It gave me a whole new perspective in banking, economic and cultural dimensions. I also got to work with highly experienced people who've driven the country's economy for decades.
RBI is a knowledge-based organisation where they promote, encourage and even mandate their employees to further enhance their skill sets. If we are in the category of officer grade, training and knowledge transfer would be a part of our job profile. I could not forget the support given by Managers and General Managers of RBI. Their guidance at each stage of the project and setting phased timelines helped me in completing the project successfully.
The first day started with the orientation program that was given by one of the AGMs at RBI. He gave a clear-cut explanation about the functions of all the departments and their contributions with many examples which were easy for me to understand and select one among them. Then I was asked to meet the Regional Director of RBI, to share my ideas and decide my project title submitting a rough draft. He was happy with the department I chose and approved my request to start the project.
I was assigned to “Integrated Banking Department (IBD)” and worked on the project, “Role of payment systems in promoting financial inclusion” under the mentorship of the General Manager and manager of IBD. My project was about the framework of implementing an efficient payment system that helps each and every last mile person in rural areas. The research that I underwent on the awareness of payment instruments among few people revealed that they had barriers in adapting to some payment methods which can be resolved by regulators. My project manager not only helped me in guiding the project, he also shared his vast experience at RBI which inspired me to dream of a deserved position in the bank. He also recommended other department senior officers and gave permission for field survey to collect relevant data in completing my project successfully.
I would say that RBI is an ideal workplace where all employees are meticulous in their work. In spite of their job, people helped me a lot by giving valuable inputs. I loved the food they provided at lounge dining hall where I was given chance to sit beside GMs and AGMs of various departments.
Before coming into RBI, my expectations of the internship was all about how I could contribute to the country’s largest bank. I was thinking to give my best so that it would make my college proud among other top B-schools.
I did my part well and completed my project which was reviewed by my GM and presented before the Regional Director. They felt that my ideas were useful in taking policy level decisions.
About the Author:
"Completed B.E in Mechanical engineering and worked in TAFE for three years. Second-year PGDM student specialising in Finance from Institute for Financial Management and Research (IFMR)."