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<ul><li><keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> is hiring 20 research interns for a period of six months in Mumbai.</li><li>Selected candidates will also be entitled for a monthly stipend of ₹45,000 per month.</li><li>RBI offers internships twice a year for six months each ⁠— January to June and July to December.</li></ul><keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword> (RBI) is looking for 20 research interns for a six months internship in Mumbai. The opportunity is for those who have been in college relatively recently and wish to move on to pursue Ph.D in economics, banking, finance or related fields. The internships are open to those who would like to seek positions in government research institutions, or financial institutions that require a quantitative and analytics orientation. Candidates selected for the internship will be given a choice to select the area of research under these four departments ⁠— Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (DSIM), Strategic Research Unit (SRU), International Department (ID). Selected candidates will also be entitled to a monthly stipend of ₹45,000 per month. Educational qualifications required for the role department wise — <ol><li>For DEPR: Postgraduate in economics/banking /finance or MBA in finance. </li><li>For DSIM: Postgraduate in statistics/econometrics/economics or Bachelor of engineering (B.E)/Bachelor of Technology (B.Tech) in computer or MBA in finance. </li><li>For SRU: B.Tech/B.E. or Postgraduate in economics/finance/statistical science or those with expertise in computer or data analytics. </li><li>For ID: Postgraduate degree in economics/statistics/finance/international finance/ international trade/MBA with specialization in finance/banking/international relations. </li></ol>RBI offers internships twice a year for six months each ⁠— January to June and July to December. Applications for internships commencing from 1st of January onwards will be accepted during July-November of the previous year 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 of the same year. Selection procedure — Candidates will be shortlisted by the bank based on their CV/resume, references and statement of purpose and will be called for a personal interview. Interested candidates are encouraged to send their CV, references and statement of purpose along with duly filled application form to the email-id of the specific department desired by the applicant. You can find the relevant email IDs <a href="https://opportunities.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3496">here</a>. Other rules and regulations — <ol><li>The interns will be entitled to leave at the rate of 12 days per six months (leave will be calculated on a pro rata basis for any fractional period) and any absence beyond the above period will be treated as leave without compensation. </li><li>Interns will be required to make accommodation arrangements of their own. </li><li>The intern should necessarily complete the 6 months internship period after selection and if the candidate decides to terminate the same, a notice period of at least one month must be served. If under any circumstances, the intern is unable to serve the notice period he/she would have to pay an amount equivalent to one month’s stipend. </li><li>Incomplete applications and applications without CV, references and statement of purpose are liable to be rejected. </li><li>RBI reserves the right to terminate the internship with a notice period of one month without giving any reason. </li></ol>Candidates can seek more information <a href="https://opportunities.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3496">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/delta-variant-still-responsible-for-99-of-covid-19-cases-globally-says-who/articleshow/87978479.cms">Delta variant still responsible for 99% of COVID-19 cases globally, says WHO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fintech-firm-slice-becomes-indias-new-unicorn/articleshow/87977894.cms">Fintech firm Slice becomes India's new unicorn</a>

RBI wants interns from January and will pay ₹45,000 a month⁠ — here’s who should apply

<ul><li><keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> is hiring 125 freshers for its summer internship next year for three months.</li><li>The last date to apply for the internship is December 31.</li><li>Summer trainees will be offered a stipend of ₹20,000 per month without accommodation.</li></ul><keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) is inviting 125 applications from freshers for its summer internship next year from April to July. Candidates will have to report to RBI’s Mumbai office during the course of their internship. The last date to apply for the internship is December 31. Summer trainees will be offered a stipend of ₹20,000 per month without accommodation. Outstation candidates will have to make their own arrangements. Eligibility criteria for the RBI summer internship — Students pursuing higher studies in economics, finance, banking, management, law (five year programme) from reputed institutions /colleges located in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> can apply for summer placement during their penultimate year/semester. RBI will select a maximum of 125 students for summer placement every year. In the month of January or February of 2022, the interview for the short listed candidates will be held at the RBI offices located in multiple cities. Candidates can check out their nearest RBI office <a href="https://opportunities.rbi.org.in/scripts/summer.aspx">here</a>. The short listed outstation candidates will be required to bear the travel costs of journey to the office of RBI and back for this purpose. The selected candidates will be informed in February or March along with other information such as the area or topic of study, related department of the bank etc. How to apply for the internship? Candidates will be required to fill out the <a href="https://opportunities.rbi.org.in/scripts/ApplicationForm.aspx">application form</a> and mail it to this address -- The Chief General Manager Reserve Bank of India Human Resource Management Department (<keyword id="1138707" type="General" weightage="20" keywordseo="training-development" source="Orion">Training &amp; Development</keyword> Division), Central Office, 21st Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai – 400 001 An advance copy of the application can be sent over the email id. Interested candidates can seek more information <a href="https://opportunities.rbi.org.in/scripts/summer.aspx">here</a> and can fill the application form <a href="https://opportunities.rbi.org.in/scripts/ApplicationForm.aspx">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/mphasis-ceo-explains-why-he-is-hiring-fewer-people-even-when-a-lot-of-employees-are-leaving-the-firm/articleshow/87357123.cms">INTERVIEW: Mphasis CEO explains why he is hiring fewer people even when a lot of employees are leaving the firm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/whatsapp-offers-51-cashback-as-it-takes-on-phonepe-and-google-pay-in-india/articleshow/87357469.cms">WhatsApp offers ₹51 cashback as it takes on PhonePe and Google Pay in India</a>

RBI is hiring 125 interns for its summer internship next year — Checkout the details and how to apply

IIM Ahmedabad With 18 offers, e-commerce major Amazon has been the biggest hirer during the summer placements of the Indian Institute of Management-Ahmedabad (IIM-A). Amazon made the maximum 18 offers, followed by McKinsey &amp; Company with 15 in the consulting domain and Goldman Sachs with nine among the banks.In the general management cohort, Tata Administrative Services was the largest recruiter with 10 offers. In the consumer tech area, Sprinklr made nine offers. Good offers also came in for sales and marketing, with Hindustan Unilever making seven and Procter &amp; Gamble, SC Johnson and <keyword id="10591" type="CITY" weightage="20" keywordseo="Samsung">Samsung</keyword> making six offers each. Prominent recruiters in the investment banking and markets space included Citibank, Credit Suisse, JP Morgan, Kotak IB and Standard Chartered. Banking, financial services and insurance hirers included American Express, FinIQ, Fullerton and RBL. Accenture Strategy, AT Kearney, Bain &amp; Co, Oliver Wyman and the Boston Consulting Group represented the management and niche consulting domain. 
 
IIM Nagpur 
The highest stipend offer that was bagged by a student of the Post Graduate Programme (PGP) batch was of Rs. 1.6 lakh for a duration of two months.Vijay Phate, in-charge of placement office, said, "This year, the highest and the average stipend offered saw a significant jump. The highest stipend offered was Rs1.6 lakh, and the average stipend of the batch also increased by 24% to Rs56,900." This year more than 40 recruiters from across sectors have found IIM-N students suitable for the summer internship positions, the premier institute said in a press statement. IIM-N has seen a significant increase in number of first-time recruiters, even for the second batch of PGP students, it added. 
 
IIM Amritsar 
With Ernst &amp; Young as the top recruiter, IIM Amritsar witnessed 100 per cent placement for its largest ever batch. Ernst and Young was the top recruiter followed by ICICI Lombard, Maruti Suzuki, Shopclues, Toyota, SBI, EXIM Bank, Adani, DHFL Pramerica, PayU, IFFCO, Tega, RBI, Canara Bank and Choco-Swiss. A total of 51 companies had participated in the IIM Amritsar summer placement. While the highest stipend offered is INR 1.1 lakh, the average stipend offered is INR 49780 thus marking an increase in 49.64% in the average stipend on a year-over-year basis. 
 
IIM Shillong 
The season witnessed a highest stipend of INR 2,50,000 and an average total stipend of INR 81,000, a significant jump of 17% from the previous year. A total of 184 roles were offered across various functional domains. Sales &amp; Marketing emerged as the most sought-after domain with 36% of the total offers made to the candidates. Prominent recruiters such as Mahindra GMC, Aditya Birla Group, <keyword id="6355629" type="CITY" weightage="20" keywordseo="Google">Google</keyword>, Dabur, <keyword id="6358584" type="CITY" weightage="20" keywordseo="HSBC">HSBC</keyword>, Perfetti Van Melle, ICICI Bank, Amazon, <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> Business Consulting, Titan, GSK Pharmaceuticals, TATA Steel, Fidelity Management Research and Wipro continued to show faith in the caliber of the students. The Institute also played host to an array of new and eminent recruiters this year including ITC, <keyword id="6358918" type="PERSON" weightage="20" keywordseo="Deloitte">Deloitte</keyword> S&amp;O, Kohler, Beiersdorf (Nivea), Yes Bank, Piramal Enterprises, Cummins, VMware, Aviva Life Insurance, Lava, and Metlife. Deloitte emerged as the largest recruiter in Consulting domain offering the highly coveted Strategy and Operations profile. HSBC made the maximum offers in the Finance domain while ITC, Tata Motors and Tata Steel made the highest number of offers in Sales &amp; Marketing domain. Apart from the increasing number of offers made in FMCG, Manufacturing &amp; Retail sectors, the season also saw participation of unconventional sectors such as Healthcare and Social Sector offering Strategy and Development roles. 
 
IIM Udaipur 
Of the 181 students in the batch, 157 sought placements through the Institute while 8 students opted for the summer entrepreneurship programme offered by IIMU. A total of 46 firms made offers for summer internships, an increase of 9.5% over the previous year. While regular recruiters like General Electric, RBL Bank, Amul, Xpress Money, NMC Healthcare, Snapdeal and ICICI Bank among others continued to show their faith in the potential of the students at IIMU, eighteen new firms joined the recruiters’ list. The average stipend offered stands at INR 52,653 while the highest stipend offered jumped to INR 1,60,000, a 10% rise over the previous year. The average stipend offered to the top 10 percentile increased by 5.3% over the previous year to INR 1,30,497. The average stipend offered to top 25 percentile students stands at INR 1,06,100 and for the top 50 percentile it is INR 81,366. All figures are for the entire duration of the internship. This year also witnessed a 100% increase in the number of international placements with 14 students bagging offers outside India. The average stipend for the international placements is INR 1,08,425 for the two months excluding benefits such as accommodation, travel, and flight-tickets. 
 
IIM Trichy 
The average stipend offered for the internship period was Rs. 53,030 and the highest domestic offer was Rs. 2.50 lakhs. Roles were offered across various domains like Sales &amp; Marketing, Finance, General Management, Consulting, Strategy, Operations &amp; HR. Some of the major recruiters taking part in the process were Microsoft, Dabur, World Bank, Mahindra, Accenture, Cognizant, Deloitte, Yes Bank, etc. There was an even distribution in the companies visiting from various sectors like BFSI, Consulting, Manufacturing, IT &amp; Services, FMCG, Retail, E-commerce, Supply Chain &amp; Infrastructure. The average of the top 10% offers for the domains like Sales &amp; Marketing, General Management &amp; Finance witnessed a growth in the range of 20-25% compared to the previous year. The median stipend offered to the top 10 percentile of the batch was Rs. 1.31 lakhs and that offered to the top 25 percentile of the batch was Rs. 1 lakh.

Top summer placement offers at IIMs across the country

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Getty Images/ Andrew H. WalkerJimmy Lee</div></div></div>Here's something we didn't know-The most powerful dealmaker on Wall Street started his career as a bank teller.
JPMorgan Chase vice chairman Jimmy Lee interned for Chemical Bank after graduating from Williams College in 1975.
It was a one-year management training program. First, the bank taught their interns Accounting I, Accounting II, Corporate Finance I and II. After that, the interns were sent to bank branches for one month.
"I was lucky I learned banking from the ground up. If you can learn a business from the ground up, it's just a really great way to learn." 
Lee worked at the Riverdale Branch in the Bronx-the same on the Yankees baseball team uses. Lee, was was being honored at Harlem RBI's annual "Bid for Kids" gala at Cipriani last night, told us that baseball legends Reggie Jackson and Chris Chambliss would come in to bank when he was there.
During his internship, Lee got to try out a number of roles.
"You're a teller for a day. You go through all the jobs in a branch," Lee said.
Like many interns on Wall Street, Lee said he messed up. 
"I did a lot of mess-ups. I made enough of them. I hardly remember," he said, adding "I think working in a branch and really interacting with the public constantly-We had a lot of complaints and stuff. That's tough. It's hard."
Lee went on to build an incredibly successful career at Chemical Bank before joining JPMorgan. 
** We've been asking Wall Street vets about their earliest experiences in finance (lessons, screw-ups, pieces of advice etc.). If you would like to share something from your early Wall Street career, please feel free to send an email to jlaroche@businessinsider.com. We can keep you anonymous if you wish.

The Most Powerful Dealmaker On Wall Street Started His Career As A Bank Branch Teller 

<ul><li>The retail investors have subscribed to the <keyword id="6515163" type="General" weightage="20" keywordseo="fino-payments-bank-ipo" source="Orion">Fino Payments Bank IPO</keyword> 2.73 times on the first day of IPO bidding process.</li><li>The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.</li><li>The Navi Mumbai-based fintech company <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> will be the first payments bank to get listed on the stock exchanges, that too while making profits.</li></ul>Today (November 1) is the second day to subscribe to the initial public offering (IPO) of Navi Mumbai-based fintech company Fino Payments Bank. The IPO has been subscribed 0.5 times on the first day of the IPO. The retail investors have subscribed 2.73 times to the IPO. The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale of 1.56 crore shares and ₹300 fresh issue of 52 lakh shares. The price band of the IPO is set at ₹560-577 per share. The IPO opened for subscription on October 29 and will end on November 2. Promoter Fino Paytech will sell 52 lakh shares in the IPO. The bank plans to utilise the net proceeds from the fresh issue towards augmenting its tier-I capital base to meet its future capital requirements. Analysts are <a href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-ipo-opens-today-heres-what-analysts-are-saying-about-it/articleshow/87346627.cms">positive </a>on the fintech industry and believe they are poised to grow in the future. “Fintech companies' demand is poised for growth on the back of rising internet penetration, higher disposable income, development of technology, low-cost infrastructure, government initiatives like UPI, etc. We believe Fino Bank is one of the key beneficiaries of opportunities in the sector,” said analysts at Religare Broking. The company <a href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-will-be-the-first-fintech-startup-in-india-to-get-listed-on-the-bourses-and-it-is-profitable/articleshow/87280457.cms">claims </a>to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Although Paytm has received SEBI’s nod, it is yet to announce dates to launch its initial public offering (IPO). “We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/paytm-ipo-will-open-on-november-8-to-raise-2-4-billion/slidelist/87357511.cms">Things to know about Paytm before placing a bet on its IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/rbi-is-hiring-125-interns-for-its-summer-internship-next-year-checkout-the-details-and-how-to-apply/articleshow/87358727.cms">RBI is hiring 125 interns for its summer internship next year — Checkout the details and how to apply</a>

Fino Payments Bank IPO has been subscribed 0.5 times so far, today is the second day to subscribe

New Delhi, Feb 3 () The government will protect the interest of policyholders of LIC, which is likely to go public in the next financial year, Minister of State for Finance Anurag Thakur has said.
Listing of LIC will help bring in greater transparency, public participation and also deepen the equity market, he said.
"Government came out with the idea (LIC listing). The details will follow and it will be in the interest of LIC and its policyholders. Interest of LIC and policyholders will be safeguarded," he told in an interview.
Asked about quantum of stake sale, he said, once the amendment to the LIC Act is finalised you will get all the details.
"LIC have an independent set-up to decide where they want to invest even today and what will continue in the next format that would come into light as well in the future," he said.
Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 on Saturday proposed to sell a part of government stake in LIC through an initial public offer next fiscal.
The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank in the next fiscal out of total disinvestment target of Rs 2.10 lakh crore.
The government currently owns 100 per cent in LIC, while it holds around 46.5 per cent stake in IDBI Bank.
Assuring that the numbers presented in the Budget as realistic, Thakur said several measures announced in the Budget will help boost economy and meet nominal GDP growth target of 10 per cent set in the Budget.
"Just three four months back the government announced corporate tax rate cut. It takes some time to implement that at the grassroot level. So, you will see impact of that in some time. That is why we have not said 7.5 per cent, we have said 6.5 per cent (growth). And that is a real and genuine numbers we are looking at," he said.
Besides, he said, the revenue and expenditure target for the next fiscal are very much achievable.
The Budget has pegged total receipts at Rs 22.46 lakh crore and expenditure at Rs 30.42 lakh crore 2020-21 keeping in mind government's commitment towards various schemes and need for improvement in quality of life of the people.
Terming this year's Budget as 'Jan Jan Ka Budget', Thakur said, every strata of the society has been taken well into consideration and major reforms have been undertaken benefiting youth, women, farmers, investors and middle class.
The government has provided Rs 2.83 lakh crore for agriculture, farmer welfare and rural development.
"Doubling farmers' income is an agenda for the next two years. We have already fulfilled the commitment of one and a half times of cost of production of farmers which government had promised," he said.
With the announcement of 'Kisan Rail' and 'Krishi Udaan' to be launched by Indian Railways and Ministry of Civil Aviation, respectively, for a seamless national cold supply chain for perishables, this too will serve beneficial as it will aid farmers in facilitating smooth and fast transport of perishable goods, he said.
In addition, the government has increased agriculture credit target to Rs 15 lakh crore for the next fiscal.
Thakur said, "from the startups to education, internship to apprenticeship many announcements have been done...So, I think more young entrepreneurs, more startups we are going to see...We see India moving to top three startup countries in the world in the next couple of years".
With regard to helping the MSME sector, he said, the government has asked the RBI to consider extending debt restructuring window by another year till March 31, 2021.
More than five lakh MSMEs have benefitted from restructuring of debt permitted by the Reserve Bank of India in the last year, he said. DP BAL

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RBI wants interns from January and will pay ₹45,000 a month⁠ — here’s who should apply

Vaamanaa Sethi

RBI is hiring 125 interns for its summer internship next year — Checkout the details and how to apply

Vaamanaa Sethi

Top summer placement offers at IIMs across the country

Anushree Singh

The Most Powerful Dealmaker On Wall Street Started His Career As A Bank Branch Teller

Julia La Roche

Fino Payments Bank IPO has been subscribed 0.5 times so far, today is the second day to subscribe

Bhakti Makwana

Interest of LIC policyholders will be protected, says Anurag Thakur

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