All you need to know about RBI Grade B – DEPR 2021

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Department of Economics & Policy Research (DEPR)

Recently, the RBI or Reserve Bank of India has issued an official notification to recruit Grade B officers for different positions. One such post for which the hiring is taking place is the Department of Economics and Policy Research (DEPR)-2021. A total of 29 vacancies are announced for this post. The exam comprises three papers and Paper 1 is scheduled for March 06, 2021. Shortlisted candidates need to appear for Paper 2 and Paper 3 on March 31, 2021. 

As the name indicates, this job requires you to carry out economic analysis and research and to contribute to the formulation of policy. Because of an expansion in the Bank’s activities, the need to create an Economic Department arose in 1959. The Department of Economics was established in 1959 by the RBI. The Economics Department was reorganized as the Department of Economic Analysis and Policy (DEAP) in January 1982, with a huge expansion of the Bank’s activities to provide a better focus on economic issues.

The Reserve Bank’s Department of Economic and Policy Research (DEPR) is a knowledge centre for macroeconomic policy-oriented research. DEPR is tasked with providing research inputs and updating management information systems (MIS) on macroeconomic and financial issues for policy-related decision making. The Department’s research agenda focuses primarily on the macroeconomic challenges faced by the Indian economy and addresses multi-dimensional issues relating to monetary policy, dynamics of growth and inflation, financial markets, forecasts of macroeconomic factors, the banking sector, financial stability and the management of the external sector.

Functions

DEPR is entrusted with fulfilling the following functions.

  • Publish the Reserve Bank’s statutory reports, like the Annual Report and the Report on the Trend and Progress of Banking in India.
  • Publish other reports including State Finance: A Budget Study; the Reserve Bank of India Bulletin; the Indian State Statistics Handbook; and RBI Occasional Papers. The department also publishes The History of the Reserve Bank.
  • Provide Primary statistics on monetary aggregates, balance of payments and external debt, flow of funds, financial savings and state finances.
  • Advise and assist the RBI on policy issues particularly related to the economic and financial developments in India and abroad
  • Undertake policy-oriented economic research. It is a primary source of data for monetary aggregates, balance of payments, household financial savings, state finances and capital markets.
  • Prepare economic and financial reports and reviews for the Committee of the Central Board and maintain an up-to-date management information system on macroeconomic and financial issues for the RBI.

This is achieved through constant policy-oriented research activities that, in addition to the real and fiscal sectors, broadly cover the whole spectrum of the financial system.

Job Profile 

  • One of the several ‘specialist’ cadres in RBI is formed by the DEPR framework officers who work mainly in four departments.These are, the Department of Economic and Policy Research (DEPR) itself, Monetary Policy Department (MPD), International Department (Intl Dept), and Strategic Research Unit (SRU).
  • Of these, Intl Dept and SRU established a few years back. Apart from these, some of the DEPR officers also get posted in other departments, including the Department of Statistics and Information Management, and several operational departments, where the ‘general side’ officers form nearly the entire staff.
  • In operational Departments, usually the number of DEPR officers is limited to one or two per Department. These include Internal Debt Management Department, Department of External Investments and Operations, Financial Markets Regulation Department, Financial Markets Operations Department, Department of Banking Regulation, Financial Stability Unit, and more.
  • In addition, DEPR also has usually one officer deployed in RBI’s most of the older regional offices. Also, one DEPR cadre officer is posted as a faculty member in the Reserve Bank Staff College.

Job Location

While placement outside the parent department (DEPR), is possible, it is quite possible that an officer may spend her/his career entirely in DEPR/MPD in the RBI Central Office, Mumbai.

How to prepare and What to prepare for the exam?

For candidates aspiring to work at the Reserve Bank of India, RBI Grade B (DEPR) 2021 is a great opportunity. The key to success lies in one’s efficient preparation strategy before beginning to prepare for the exam. You therefore need to concentrate on what is going to work best for you. As the vacancies are lesser thus you cannot take any risk in your preparation.

  • Design an appropriate study plan based on your lifestyle – (1) If you are a professional (2) If you are a student or are preparing from home. Assign hours of study accordingly.
  • Jot down your syllabus and assemble for all the reference material that you will need. This will save time for you and also include short breaks in between for yourself.
  • Practice as much of it as possible with RBI Grade B (DEPR) mock tests. This will enhance your speed as your speed helps you to score well in the exam.
  • Don’t forget to visit the RBI Official Website, the annual report, the RBI Bulletin, and more.

Educational Qualification

A Master’s Degree in Economics/Econometrics/Quantitative Economics/Mathematical Economics/Integrated Economics Course/Finance from a recognized Indian or Foreign University/Institute with a minimum of 55 percent marks or equivalent grade in aggregate for all semesters/years; OR

PGDM/MBA Finance from a recognized Indian or Foreign University/Institute with a minimum of 55 percent marks or an equivalent grade in all semesters/years in total; OR

Master’s Degree in Economics in any of the economics subcategories, i.e. agricultural/business/development/applied, etc., with a minimum of 55% marks or an aggregate equivalent grade for all semesters/years from a recognized Indian or Foreign University/Institute.

Exam Pattern

RBI selects you through a selection process consisting of an online written review followed by an interview. It is recommended to go through the official notification very carefully so that any piece of information is not missed. The RBI Grade B DEPR exam will be carried out in selected RBI-specified cities. As mentioned below, the exam will be held in three phases.

  1. Phase 1- Paper 1 – Online Written Examination- 100 Marks
  2. Phase 2- Paper 2 and Paper 3 – Online Written Examination- 200 Marks (100 Marks each)
  3. Phase 3- Personal Interview – 75 Marks

How is the online exam conducted?

  • The exam paper of DEPR comprises three papers, I, II & III. 
  • Paper I comprises objective type questions while Paper II and III consist of Descriptive Type questions. Paper I is the first phase of the selection process.
  • The paper comprises questions on Economics. The maximum marks allotted to the paper are 100 and the duration of the exam is 120 minutes.
  • Candidates who secure minimum aggregate marks in Paper I will be shortlisted for Paper II and III. Paper-II and III will be conducted in shifts.
  • Paper-II will be held online but answers need to be typed on the paper while Paper III will be conducted online. Paper-II comprises questions from Economics while Paper III will have questions from English.
  • The questions will be set in Hindi and English (except Paper III on English). Answers for Paper-II will be hand written either in Hindi or English.
  • Paper-III will have to be answered with the help of the keyboard in English only.
  • On the basis of the performance in Paper II and III, candidates will be called for an interview. The interview will be conducted for 75 marks.
Name of paperDuration (In minutes)Maximum marks 
Paper-I Objective Type (on Economics)120100
Paper-II Descriptive Type (on Economics) (Question paper displayed on the computer, answers to be written on paper)180100
Paper-III English-Descriptive (To be typed with help of keyboard)90100
Total300

The focus of prelims is on the basics of an honors course in Economics. The paper checks fundamentals of microeconomics, macroeconomics and econometrics. There are some questions on data relating to Indian Economy. The mains involves questions based on models of Micro and Macro and a large number of questions on the Indian Economy. The final selection will be based on the cumulative results of Paper I, Paper II and Paper III.

Syllabus

Before starting your RBI Grade B DEPR Exam preparation, it is important to be well acquainted with the detailed syllabus. It will allow you to plan useful approaches and will create a competitive advantage over your competitors. The RBI Grade B DEPR syllabus would be the same as any Master’s Degree student studying Economics in India as per the official notification.

You must refer to the RBI publications for the Annual Report, Report on Trend and Progress of Banking in India and Reports comprising Monetary Policy and the Financial Stability. It is also advised that you refer to the Economic Survey published over the past two years by the Government of India (GOI).

What to read?

Mostly the study material suggested by the RBI is from their website. It includes RBI publications viz., Annual Report, Report on Trend and Progress of Banking in India, Monetary Policy Report and the Financial Stability Report and the Economic Survey published by the Government of India over the previous two years.

To save you from further confusion about the books to go for, you need to have your study material available with you. This will save your time and you will not waste your precious time reading books that are not relevant to the RBI Grade B DEPR examination. You can refer to the 12th NCERT Standards Macroeconomics for ESI and cover the rest of the syllabus from a book by Ramesh Singh called Indian Economy. Read  The last five months of Yojana magazine on priority. You can get it online or from any nearby bookstore. Do not forget to read the newspaper every day. Newspapers such as Economic Times/ Mint will be very helpful in your journey of preparation.

Career Growth

RBI Grade B (DEPR) Officer growth depends on one’s performance. You will be promoted as Assistant General Manager after five years and more with RBI. You are also eligible to apply for the officer exam for Grade C, Grade D, Grade E and so on. RBI offers the employees who are looking for top opportunities and high responsibilities with the organization with sufficient opportunities. RBI officers are also given a chance to receive further education worldwide. Further education is borne in major aspects by the Indian Reserve Bank. In addition, RBI officers are likely to work with organizations such as the IMF, the World Bank, the Bank for International Settlements (BIS), Switzerland and more.

RBI Grade B DEPR Online Course

To assist you with the preparation and to help you achieve the milestone, ixamBee is coming up with a comprehensive Online Course for RBI Grade B DEPR exam. The course is curated on the latest exam pattern to ace the RBI Grade B DEPR exam. The RBI Grade B DEPR Online Course is designed by our exam experts who themselves have cleared the DEPR exam. 

Also read:

RBI’s Monetary Policy: February 2021

RBI: Financial Stability Report 2021

RBI Grade B 2021: How to Approach ESI Descriptive Paper?

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Nishant bisht
Nishant bisht
2 months ago

It’s an very informative article. Kudos to the writer..