Scholarship Scheme for Faculty Members from Academic Institutions by the Reserve Bank of India [Monthly Allowance + Honorarium Included]: Apply by Nov 10!

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Applications are invited for the Scholarship Scheme for Faculty Members from Academic Institutions by RBI. Read this article and apply by Nov 10!

About the Reserve Bank of India (RBI)

The Reserve Bank of India, abbreviated as RBI, is India’s central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee.

About the Scholarship Scheme for Faculty Members

The Reserve Bank of India invites applications as per the prescribed format from full-time faculty members, teaching economics or finance in any University Grants Commission (UGC) or All-India Council for Technical Education (AICTE) recognised Universities/ Colleges in India to undertake short-term research in the areas of monetary and financial economics, banking, real sector issues and other areas of interest to the Reserve Bank.

The scholarship scheme for faculty members aims at bringing on board scholars, who would be able to undertake and pursue critical projects successfully and thereby contribute to the Reserve Bank’s research universe. The Reserve Bank of India invites full-time faculty members teaching economics or finance in any UGC or AICTE recognised Universities/Colleges in India to undertake short-term research in the areas of monetary and financial economics, banking, real sector issues and other areas of interest to the Reserve Bank.

Objectives

• To increase awareness about the activities of the Reserve Bank among faculty members and student community; and
• To provide exposure to faculty members teaching economics and/ or finance to different areas/ activities of operations in the Reserve Bank.

Eligibility Criteria

The eligibility criteria for the scheme are as follows:

• Full-time faculty teaching economics and/or finance in any UGC-recognised Universities/ Colleges in India.
• Indian nationals.
• Age below 55 years.
• Preference will be given to the candidates who have not been awarded the scholarship earlier.

Number of Scholarships

A maximum of five.

Selection Procedure

The candidates will be shortlisted on the basis of the (a) research proposal of not more than 1000 words, (b) curriculum vitae and (c) interview by a selection panel. 

Duration of Project

Three months, commencing December 18, 2023.

Last Date for Application

November 10, 2023.

How to Apply?

To submit your application(s), click here.

Selection Procedure

The applicants need to send a research proposal of not more than 1000 words and detailed curriculum vitae along with the duly filled-in application form. The candidates will be shortlisted on the basis of the research proposal and curriculum vitae. The shortlisted candidates will then be interviewed by a selection panel. The candidates found suitable would be invited to undertake research on the theme decided by the Reserve Bank. 

P.S.: Incomplete application/application received after the due date will not be considered for shortlisting.

Theme

The exact theme of the research for the scholars will be decided by RBI based on the research proposals submitted by the respective candidates.

Submission of Application

The application in hard copy may be forwarded to ‘The Director, Development Research Group, Department of Economic and Policy Research, 7th Floor, Central Office Building, Reserve Bank of India, Fort, Mumbai – 400001’. The application should be sent along with detailed curriculum vitae, the research proposal and an official letter from your university/ college bearing the official university/ college stamp verifying your status at the time of application.

The soft version of application (in addition to hard copy) and/or any queries related to the scheme may be sent to this email.

Location of the Scheme

The scheme would be administered by the Department of Economic and Policy Research, Central Office, RBI, Mumbai. The selected candidates will be required to complete the study from their place of work. However, in certain cases, the Reserve Bank may ask the scholar to visit the RBI Central Office or its Regional Offices for a specified period during the study period.

Facilities

The major facilities that will be made available to the selected scholar would include:

• In cases when the Scholar is asked to visit the RBI, economy class domestic airfare ticket for one visit to the RBI Office from and to the place of residence/ work in India;
• Suitable accommodation may be provided to selected scholars in one of the Bank’s residential colonies, if required during their visit to RBI subject to availability. 
• Monthly allowance of Rs. 50,000/- (Rupees fifty thousand only) to be paid for the duration of the project (not more than three months). 
• In addition to the monthly remuneration, on completion of the Project/Research paper and on acceptance of the same by the RBI, payment of Rs. 2,00,000/- (Rupees two lakhs only) as honorarium would be made.

Note: No accommodation or allowance for accommodation will be provided during the period of scholarship.

Responsibilities

The selected scholar will have the following responsibilities: 

• The scholar would be required to submit a research paper/project report that contributes to RBI research activities.
• The scholar should make a presentation of his/her work in a Seminar to the Reserve Bank.
• The scholar, if he/she desires to publish his/her research work elsewhere, may do so with prior permission of the Reserve Bank.

Guidelines for Publishing/Presenting the Research Paper Outside RBI

After the successful completion of the project, if the scholar desires to publish/ present the study outside RBI, the following guidelines are to be followed by the scholar: 

• The scholar should take a written approval from the RBI before presenting or publishing partly or fully the study undertaken.
• The scholar may mention that the project was undertaken as a part of the ‘RBI Scholarship Scheme for Faculty Members from Academic Institutions 2023’.
• The paper should be published with the disclaimer that- “the views expressed in the study/ paper are solely of the author and not of the Reserve Bank of India”. 
• In case the scholar wants to acknowledge any names from Reserve Bank of India, it may be done only after seeking prior permission. 
• The said study should not be considered as a ‘RBI funded project’.

Click here to read the official notification of the Scholarship Scheme for Faculty Members from Academic Institutions by the Reserve Bank of India [Monthly Allowance + Honorarium Included].

Image taken from here.

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