Who it is for
Is this exam right for you?
For students with an eligible postgraduate qualification who want central banking roles and are willing to deliver both objective precision and descriptive economic reasoning.
Department of Economic and Policy Research
RBI Grade B DEPR
DEPR stands for Department of Economic and Policy Research. RBI recruits Grade B officers for economic research and policy analysis through this specialist examination. Start here to check eligibility, understand the papers and plan your preparation.
Before you begin
Who can apply for RBI DEPR?
- Education
- An eligible MA or MSc in Economics, Finance or a related subject specified by RBI is required. The notification also sets the required share of economics or finance subjects in your degree. A BA or BSc alone is not enough; check your exact qualification against RBI's list.
- Minimum marks
- The usual requirement is 55% in aggregate, or an equivalent grade. A lower threshold may apply to eligible reserved-category candidates. Check the marks, reservation and grade-conversion conditions in your attempt's notification.
- Age
- The usual age requirement is at least 21 and under 30 on the notification's cut-off date. Relaxations are available under specified category, qualification and experience conditions.
- Degree result and documents
- You must hold the required qualification by the cut-off date stated by RBI. If you are still studying, check when your result will be available. Also check the nationality, attempt-limit and certificate requirements before applying.
What does the job involve?
DEPR means Department of Economic and Policy Research. Its officers carry out economic research, analyse data and contribute to policy work at the Reserve Bank of India. Topics can include inflation, monetary policy, growth and India's external sector. DEPR is a specialist economics stream; Grade B General and the Department of Statistics and Information Management (DSIM) have different eligibility rules, papers and work. Do not use a General-stream syllabus for DEPR.
Exam format
How does selection work?
Phase I has two separate papers: objective Economics and descriptive English. Phase II has two descriptive Economics papers. Each paper is worth 100 marks and lasts two hours. Marks from both phases and the 75-mark interview count towards final selection. RBI sets the shortlisting cut-offs.
Phase I · Paper I
Objective Economics: 100 marks, 120 minutes.
Phase I · Paper II
Descriptive English, typed on a computer: 100 marks, 120 minutes.
Phase II · Paper I
Descriptive Economics: Microeconomics and Macroeconomics, with equal weight. Handwritten answers: 100 marks, 120 minutes.
Phase II · Paper II
Descriptive Economics: Quantitative Methods and Indian Economy, with equal weight. Handwritten answers: 100 marks, 120 minutes.
Interview
75 marks. A separate personality assessment carries no marks. The four written papers and interview together total 475 marks.
Syllabus breakdown
What to cover for RBI DEPR.
Phase I · Paper I: Objective Economics
- Microeconomics and macroeconomics: consumer and production theory, markets, distribution, welfare, employment, output, inflation and money.
- International economics, growth and development, public finance and environmental economics.
- Quantitative methods: mathematical and statistical methods for economics, including ordinary least squares regression.
- Current developments in India's economy: growth, prices, employment, finance, trade, public finances and the main sectors.
Phase I · Paper II: English
- Writing that shows clear expression and understanding of the subject. This is a separate 100-mark paper, not part of the objective Economics paper.
- Answers are typed in English. Practise organising and typing your writing under a time limit; check RBI's exam handout for the detailed instructions.
Phase II · Paper I: Microeconomics and Macroeconomics
- Microeconomics: consumer choice, production, market structure, game theory, pricing, distribution theories, welfare, public goods and externalities.
- Macroeconomics: national income, employment, output, business cycles, inflation, IS-LM, AD-AS, monetary and fiscal policy.
- Money and banking: money demand and supply, central banking, monetary transmission, financial markets, banking regulation and financial stability.
- Public economics: taxation, expenditure, fiscal policy, deficits, public debt, subsidies and fiscal federalism.
- International economics: trade theory, exchange rates, balance of payments, external sector management and global institutions.
- Growth and development: growth models, development theory, poverty, inequality, human development and environmental sustainability.
- The two modules have equal weight. Practise explaining models, working through calculations and writing complete answers by hand, including policy essays and short answers.
Phase II · Paper II: Quantitative Methods and Indian Economy
- Mathematical methods: calculus, optimisation, sets, matrices, linear algebra, linear programming, comparative statics and model-based reasoning.
- Statistics: probability, distributions, sampling, central tendency, dispersion, correlation, time series and index numbers.
- Econometrics: least squares, regression, multivariate analysis, interpretation of regression output, common estimation issues, panel data, Bayesian basics and basic AI or machine-learning applications.
- Data interpretation for objective questions, policy reports and macroeconomic indicators.
- Indian economy: planning, reforms, agriculture, industry, services, poverty, unemployment, human development and the social sector.
- Fiscal and monetary policy, inflation, RBI's functions and reports, banking, NBFCs, capital markets, financial sector reforms and financial inclusion.
- External sector: trade, exchange rates, balance of payments, global shocks and India's macroeconomic policy response.
- Quantitative Methods and Indian Economy have equal weight. Use dated, reliable data to support your reasoning; facts alone do not make a complete answer.
Recommended preparation
Books, resources and study method.
Read the DEPR syllabus first, not the Grade B General syllabus. Mark the subjects you already know and try questions from both objective and descriptive formats.
Build the core with standard textbooks for Microeconomics, Macroeconomics, Money and Banking, Public Economics, International Economics and Growth and Development. Use the reference list for book guidance, and work through the models, diagrams and numerical problems.
Solve previous year questions (PYQs) after you finish every topic, and build answer writing practice early. Practise both objective Economics and handwritten Phase II answers, and review your mistakes. Check the source of memory-based questions, as their wording and answers may be incomplete.
Study Indian Economy after the core subjects are covered, while reading newspapers early. Use RBI reports, the latest Economic Survey and Union Budget to connect the theory with current economic developments.
Keep regular time for typed English practice. As the exam approaches, practise complete two-hour papers rather than only untimed questions.
Reference resources
Suggested books and sources.
Microeconomics
- A. Koutsoyiannis, Modern Microeconomics
- Hal R. Varian, Microeconomic Analysis
- H. L. Ahuja, Advanced Economic Theory: Microeconomic Analysis
- Walter Nicholson and Christopher Snyder, Microeconomic Theory: Basic Principles and Extensions
Game Theory
- Martin J. Osborne, An Introduction to Game Theory
- Joel Watson, Strategy: An Introduction to Game Theory
- Walter Nicholson and Christopher Snyder, Microeconomic Theory: Basic Principles and Extensions
- Hal R. Varian, Microeconomic Analysis
Macroeconomics
- Richard T. Froyen, Macroeconomics: Theories and Policies
- Olivier Blanchard, Macroeconomics
- Rudiger Dornbusch, Stanley Fischer and Richard Startz, Macroeconomics
- H. L. Ahuja, Macroeconomics: Theory and Policy
- Andrew B. Abel, Ben S. Bernanke and Dean Croushore, Macroeconomics
Money and Banking
- Michael R. Baye and Dennis W. Jansen, Money, Banking, and Financial Markets
- H. L. Ahuja, Macroeconomics: Theory and Policy
- Pami Dua, Monetary Policy Framework in India
- Y. V. Reddy Committee, Report on Monetary Policy Committee
- Narendra Jadhav, Monetary Economics for India
Public Economics
- Harvey S. Rosen and Ted Gayer, Public Finance
- Joseph E. Stiglitz and Jay K. Rosengard, Economics of the Public Sector
- Richard A. Musgrave and Peggy B. Musgrave, Public Finance in Theory and Practice
International Economics
- Dominick Salvatore, International Economics
- Paul R. Krugman, Maurice Obstfeld and Marc J. Melitz, International Economics: Theory and Policy
Growth and Development
- A. P. Thirlwall, Growth and Development: With Special Reference to Developing Economies
- Michael P. Todaro and Stephen C. Smith, Economic Development
- N. Gregory Mankiw, Macroeconomics
- Amartya Sen, The Harrod-Domar Model
- Debraj Ray, Development Economics
- M. L. Jhingan, The Economics of Development and Planning
Indian Economy
- S. K. Misra and V. K. Puri, Indian Economy
- Uma Kapila, Indian Economy: Performance and Policies
- Uma Kapila, Indian Economy since Independence
- Economic Survey of India (latest)
- Union Budget (latest)
Quantitative Methods in Economics
- Knut Sydsaeter and Peter J. Hammond, Mathematics for Economic Analysis
- Alpha C. Chiang and Kevin Wainwright, Fundamental Methods of Mathematical Economics
- Jay L. Devore, Probability and Statistics for Engineering and the Sciences
- Joseph K. Blitzstein and Jessica Hwang, Introduction to Probability
- Jeffrey M. Wooldridge, Econometric Analysis of Cross Sectional Data
- Damodar N. Gujarati and Dawn C. Porter, Basic Econometrics
Concept-first preparation
Prepare for RBI DEPR with IES-level economics depth.
EcoNiti prepares RBI DEPR through IES-level economics depth, RBI-specific policy orientation, Xaptiq objective practice and descriptive answer feedback.
Integrated live batch course
IES + RBI Grade B DEPR Integrated Course
A shared live-batch course for students preparing for IES, RBI Grade B DEPR or both. The exams overlap across much of the economics syllabus, with separate practice where their formats differ.
₹58,000
incl. GST
Where to begin
What do you need help with?
I want to start with free material
Download the syllabus and reference guide. Read the exam pattern before using practice questions, and check whether any past questions are official or memory-based.
Free RBI DEPR resourcesI need economics classes and tests
Study the shared IES and RBI DEPR economics subjects with Dr. Komal, with tests and evaluation. The DEPR Phase I objective Economics test series on Xaptiq is included in addition to regular course practice. RBI DEPR English teaching and evaluation are not included.
IES + RBI DEPR coaching and feesI study on my own but need guidance
One-to-one mentorship can help you plan preparation and review where you are struggling. It is separate from the full course and does not replace syllabus teaching or a test series.
One-to-one mentorship with Dr. KomalFAQs
Questions students ask.
What is the full form of DEPR?
DEPR stands for Department of Economic and Policy Research at the Reserve Bank of India. Grade B DEPR is the specialist recruitment stream for economic research and policy analysis.
Can I apply for RBI DEPR with a BA in Economics?
Not with a BA alone. RBI requires an eligible MA or MSc in Economics, Finance or one of the specified related subjects, with the required subject coverage and aggregate marks. The qualification must be held by the date stated in the notification.
Is RBI DEPR the same as Grade B General or DSIM?
No. They are separate streams with different eligibility and papers. DEPR centres on economics and policy research. General covers broader RBI functions. DSIM centres on statistics and data; its eligible qualifications include several quantitative fields, so check the notification rather than relying on the stream name.
Do Phase I marks count in the final DEPR result?
Yes. Final selection uses the marks from both Phase I papers, both Phase II papers and the interview. The four papers total 400 marks and the interview carries 75.
Can I write RBI DEPR answers in Hindi?
Phase II Economics answers may be written in Hindi or English, and either language may be chosen for the interview. The Phase I English paper must be answered in English. Check your attempt's examination instructions.
How should I use memory-based DEPR questions?
Check the source and whether a question is official or reconstructed from candidates' recollections. Memory-based questions can help you practise, but their wording and answers may be incomplete. Use the official syllabus and handout for exam requirements.
Why does EcoNiti combine IES and RBI DEPR?
Many economics subjects overlap. The joint course teaches those subjects with Dr. Komal, then adds practice for each exam's formats. It covers economics only: RBI DEPR English and IES General Studies and General English are not included. You can join for RBI DEPR without deciding to sit IES, but check that the lesson plan suits your needs.