Position: Banking Financial Services & Insurance (BFSI) Internship
Type: Remote Work From Home
Duration: Two months (Flexible)
Company: Earth5R
About Earth5R: Earth5R is India’s largest environmental organization that’s dedicated to promoting sustainability and environmental preservation. We’re creating a robust ecosystem for sustainability-related knowledge, advocacy, and action.
Role Overview:
The Banking Financial Services & Insurance (BFSI) Intern will play a crucial role in bridging the knowledge gap between traditional BFSI practices and sustainable approaches. This role provides an excellent opportunity for individuals to immerse themselves in the future of BFSI and champion the integration of sustainability within it.
Key Responsibilities:
- Content Creation: Draft articles, reports, and whitepapers on the latest sustainability trends in the BFSI domain.
- Community Development: Engage with the online community to promote sustainable BFSI practices, answer queries, and create awareness
- Training: Organize and conduct webinars or online training sessions to educate others on the sustainability trends in BFSI.
- Online Research: Stay updated with the latest in BFSI sustainability practices worldwide and integrate findings into content pieces or training modules.
Required Qualifications & Skills:
- Enrolled in or completed a degree in finance, banking, insurance, or a related field with a keen interest in sustainability.
- Strong written and communication skills.
- Ability to work independently and collaboratively in a virtual team environment.
- Basic understanding of BFSI concepts and the sustainability landscape.
Benefits:
- Hands-on experience at the intersection of BFSI and sustainability.
- Collaborate with professionals passionate about a sustainable future.
- Networking opportunities within the industry.
- Opportunity for future roles based on performance.
- Flexible work hours to accommodate your academic schedule.
- Certificate of Completion
- Letter of Recommendation (LOR) – for exceptional performers
Apply for this Internship via this link
Why This Internship
The Banking Financial Services & Insurance (BFSI) domain has witnessed an evolving intersection with sustainability. Some of the new trends in the BFSI domain centered around sustainability include:
Green Finance: Institutions are now providing financial products and services that support the development of an environmentally sustainable economy.
Sustainable Insurance: Offering insurance products that consider environmental, social, and governance (ESG) risks.
Environmental Risk Assessment: Banks are increasingly integrating environmental risk into their credit risk assessments.
Impact Investing: Investments made into companies, funds, and organizations with the intent to contribute to measurable positive social or environmental impact alongside a financial return.
ESG Reporting: Many BFSI firms now have a mandatory requirement to report their ESG credentials, revealing their sustainability performance to stakeholders.
Digital Transformation: Promoting digital banking solutions that not only provide convenience but also reduce the carbon footprint compared to traditional banking systems.
Community Investments: Banks and financial institutions are investing more in local communities, aiming for a holistic upliftment, which in turn ensures a more sustainable customer base.
Apply for this Internship via this link
Opportunities and career progression with with Banking Financial Services & Insurance (BFSI) Internship
The BFSI sector has long been the backbone of India’s financial landscape, interwoven deeply into the country’s growth story. As India positions itself in the global arena, the BFSI industry is undergoing significant transformation, with sustainability emerging as a core focal point. Here’s an exploration of this evolution:
- Climate Risk and Banking:
- With extreme weather events becoming frequent in India, banks are facing a dual challenge: a rise in non-performing assets from sectors like agriculture and the increased cost of credit risk. The Reserve Bank of India, recognizing this, has called upon banks to integrate climate risk in their credit risk assessment and capital planning.
- Example: In 2019, cyclone Fani resulted in damages exceeding ₹12,000 crores in Odisha, impacting loan repayments and stressing the banking sector.
- Green Finance:
- The global shift towards sustainable finance hasn’t escaped India. The country has seen a spike in green bonds, with issuances amounting to $7.15 billion till 2019. These bonds finance renewable energy projects, green infrastructure, and other eco-friendly initiatives.
- Example: Yes Bank has been a pioneer in this space, launching India’s first-ever Green Infrastructure Bonds.
- Insurance and Climate Vulnerabilities:
- India’s insurance sector is recalibrating its products, especially in the agriculture and property sectors, considering the increasing climatic disruptions. Crop insurance schemes now account for variable climatic factors more than ever.
- Example: The Pradhan Mantri Fasal Bima Yojana (PMFBY), a flagship scheme, is becoming increasingly sophisticated in adjusting to climatic variables.
- Sustainable Investment Products:
- The growth in ESG (Environmental, Social, Governance) investing in India is pushing financial institutions to offer sustainable investment products, catering to the conscious investor.
- Example: The SBI Magnum Equity ESG Fund is a prime example of such offerings, focusing on companies with strong ESG scores.
- Digital Transformation and Sustainability:
- The push for digital banking, spurred by initiatives like ‘Digital India’, is in line with sustainability. Digital transactions, reduced paper usage, and online banking services reduce the carbon footprint of banking operations.
- Example: UPI transactions in India crossed the 2 billion mark in October 2020, reducing the need for physical banking interactions and the environmental costs associated with it.
- Inclusive Insurance Models:
- Insurance companies are looking at sustainable models to bring coverage to the underserved. Micro-insurance, catering to specific needs of the low-income group, is emerging as a sustainable and inclusive insurance model.
- Example: HDFC’s ‘Arise’ policy is tailor-made for low-income groups, offering coverage against natural calamities and ensuring financial sustainability.
- Corporate Social Responsibility (CSR) in BFSI:
- BFSI companies, under the CSR mandate, are channeling funds towards sustainable projects, be it in education, health, or environmental conservation.
- Example: ICICI Bank’s ‘Waste to Compost’ project transforms wet waste into compost, promoting sustainable waste management.
The BFSI sector in India is at an exciting crossroads. As challenges associated with climate change, socio-economic disparities, and rapid urbanization intensify, BFSI professionals equipped with an understanding of sustainability will be better poised to navigate the evolving landscape. By incorporating sustainable practices, they not only secure their operations but also contribute meaningfully to India’s sustainable development goals.