The RBI Grade B DEPR exam is a national-level competitive exam conducted by the Reserve Bank of India to recruit officers for its Department of Economic and Policy Research. Unlike the RBI Grade B General stream, the DEPR role is entirely focused on economic analysis, research, and policy formulation – especially around macroeconomic trends and monetary policy. It is one of the most respected research-oriented government positions in India for economics graduates.
| Feature | RBI Grade B General | RBI Grade B DEPR |
| Job Role | Banking supervision, regulation, policy | Economic analysis, macroeconomic research, monetary policy |
| Education | Any Bachelor's degree with specified % | Master's in Economics or Finance (55% minimum) |
| Exam Papers | Economics & Social Issues, English, Finance & Management | Economics (Objective + Descriptive), English |
| PhD Benefit | Not applicable | Age relaxation up to 4 years for PhD holders |
Before you start preparing, make sure you meet these criteria:
Age Limit:
- General: 21–30 years (as on January 1 of the application year)
- M.Phil. in Economics: Age limit extended by 2 years (up to 32 years)
- PhD in Economics: Age limit extended by 4 years (up to 34 years)
- SC/ST/OBC: Relaxation as per Government of India norms
Master's degree in Economics or any related field where Economics is the principal constituent, such as:
- MA/MSc in Quantitative Economics, Mathematical Economics, Applied Economics, Econometrics, Financial Economics, Business Economics, Agricultural Economics, Development Economics, or International Economics
Master's degree in Finance or any related field where Finance is the principal constituent, such as:
- MA/MSc in Quantitative Finance, Mathematical Finance, International Finance, Business Finance, Banking & Trade Finance, Corporate Finance, or Agri Business Finance
- General/EWS/OBC: 55% aggregate across all semesters
- SC/ST/PwBD: 50% aggregate
Desirable Qualifications:
- PhD in Economics
- Research or teaching experience in Economics
- Published papers in standard Economics journals
Phase I – Objective + Descriptive (100 Marks + 100 Marks)
| Paper | Type | Marks | Duration |
| Paper I | Objective (Economics) | 100 | 2 Hours |
| Paper II | Descriptive (English) | 100 | 2 Hours |
Phase II – Descriptive (100 Marks + 100 Marks)
| Paper | Sections | Marks | Duration |
| Paper I | Microeconomics (Section A) + Macroeconomics (Section B) | 100 | 2 Hours |
| Paper II | Quantitative Methods/Econometrics (Section A) + Indian Economy (Section B) | 100 | 2 Hours |
Phase III – Interview / Personality Test
All candidates who clear Phase II are called for a personality test. The panel assesses subject knowledge, aptitude, attitude, and communication skills.
Phase I – Paper I (Objective – Economics):
- Microeconomics: Consumer demand, production, market structures, distribution, welfare economics
- Macroeconomics: Theories of employment, output and inflation, monetary economics, IS-LM model, Schools of Economic Thought
- International Economics: Theories of international trade, balance of payments, exchange rate models
- Theories of Economic Growth and Development
Microeconomic Module:
- Consumer Theory: Cardinal/Marginal utility, consumer surplus, indifference curve analysis, price/income/substitution effects, game theory
- Production Theory: Forms of production functions, laws of returns to scale, partial vs. general equilibrium
- Market Theory: Pricing under different market structures
- Distribution Theories: Ricardo, Marx, Kalecki, and Kaldor
- Welfare Economics: Pareto optimality, Arrow, Coase, and Sen
- National income accounting, theories of employment and output
- Inflation theories and monetary economics
- IS-LM framework and extensions
- Economic growth models (Harrod-Domar, Solow, endogenous growth)
- Statistics & Econometrics: Probability, regression, time series analysis, hypothesis testing
- Indian Economy: Planning, agriculture, industry, trade, monetary and fiscal policy, poverty and inequality, economic reforms since 1991
- Microeconomics – Hal Varian
- Macroeconomics – Richard T. Froyen / H.L. Ahuja
- Econometrics – Damodar N. Gujarati
- Mathematical Economics – A.C. Chiang
- International Economics – Dominick Salvatore
- Growth & Development – A.P. Thirwal, Michael Todaro
- Statistics – S.C. Gupta
- RBI Annual Report, Monetary Policy Report, Financial Stability Report
- Economic Survey of India (last 2 years)
- RBI Report on Trend and Progress of Banking in India
An RBI Grade B DEPR officer starts at a basic pay of ₹55,200 per month. The approximate gross monthly emoluments (without HRA) work out to around ₹1,16,914 per month. Add HRA, DA, and other perks, and this becomes one of the highest-paying entry-level government positions for economics postgraduates in India.
| Detail | Info |
| Conducting Body | Reserve Bank of India |
| Exam Level | National |
| Frequency | Once a Year |
| Mode | Online |
| Application Fee | General – ₹850 + 18% GST / Others – ₹100 + 18% GST |
| Exam Language | English (Hindi optional in Phase II and Interview) |
| Negative Marking | Yes, 1/4th in Phase I objective paper |
| Official Website | www.rbi.org.in |
- Build strong conceptual clarity first – Phase II papers are descriptive and demand well-structured, in-depth answers. Rote learning will not work here.
- Crack Phase I with focused MCQ practice – Use tricks and conceptual shortcuts to handle the objective paper efficiently. Time management is key.
- Write answers daily – Phase II is entirely descriptive. Practice writing 20-mark answers clearly, with examples and diagrams wherever possible.
- Follow RBI and government publications – Read the Economic Survey, RBI Annual Report, and Monetary Policy reports regularly. These are directly relevant to the Indian Economy paper.
- Solve Previous Year Questions (PYQs) – PYQs show the exact depth and format that RBI expects in answers. Practice them thoroughly.
- Prepare for the Interview seriously – The panel tests your conceptual grip on economics, current economic affairs, and your clarity of thought.
At MS Study Circle, Dr. Smrajit Kaur (India’s leading Economics educator) brings deep subject expertise to DEPR preparation. Sahil Arora (expert faculty for RBI DEPR) covers the syllabus strictly as per the exam relevancy, with strong emphasis on application-based concepts, numericals, and econometrics.
Explore our RBI Grade B DEPR course here: https://msstudyguru.in/viewcourses.php?id=11
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