RBI Grade B Exam Preparation Strategy

(By a 2015 RBI exam successful candidate)

In the recent past, there has been an explosion of online materials and guidance for every
competitive exam. While its good in a way, it is also a great distraction. I am consciously
going to avoid distractions as I myself have been a victim of innumerous strategies. So, I
wanted to sit down and write a comprehensive strategy which will help you understand the
finer nuances of the RBI Grade B Exam preparation and strategy. This is not a theoretical
strategy document. I am not going to be posting a list of books to study from. That will not
serve the purpose. This is going to be practical. I want you to take a notebook and a pen and
work out along with me. Before each section, I will be posting some standard links. Read
those links and take notes from those links. And then continue reading my strategy. It will
make a better impact. Spend some quality 3 hours with this document and avoid wasting a lot
of your time in future.
I cleared RBI 2015 exam successfully with marks: ESI 80, English 70, F&M 65,
Interview 35, Total 250 (+- 0.25 marks in each subject). This was my first attempt and I had
prepared for around 6 months. I am an engineer by graduation, 25 years old. My name and
personal details are irrelevant, as I have only one single focus give you a comprehensive
strategy and then move on with my life, as I now have a full time job which I love. What you
should do is, check any one section and if you like the strategy, proceed with the other
sections, learn two or three nuances and start your preparation. Thats it.
I will be giving strategy for every part of the exam in a detailed manner. Just have a notebook
and pen and work out along with me. There will be many other strategies from others who
have cleared. Just note down the relevant points which suit you and start your preparation. I
am an engineer with no finance/economics/MBA background. My strategy will especially be
useful for those who are 0-1.5 years experienced in this exam. More than 2 years in any
exam, you will automatically become experienced and you dont really need any one elses
strategy. So this is just for a kick-start to your preparation if you are 0-1.5 years into this
exam, looking for some comprehensive strategy and you really want to clear this exam.
Section 1: Phase 1 - Overall
Section 2: Phase 1 General Awareness
Section 3: Phase 1 Quants
Section 4: Phase 1 Reasoning
Section 5: Phase 1 English
Section 6: Phase 2 Overall
Section 7: Phase 2 English
Section 8: Phase 2 ESI

Section 9: Phase 2 Optional (FM only. I am sorry for those looking for Economics or
Statistics. There will be other strategies online)
Section 10: Phase 3 The Interview
Section 11: Miscellaneous
Section 1: Phase 1 - Overall
http://mrunal.org/2012/10/studyplan-rbi-grade-b-officer-phase-i-exam-booklist-strategyprevious-question-paper-cutoff.html
http://www.bankersadda.com/2015/10/a-to-z-of-rbi-grade-b.html
http://gradestack.com/blogs/how-to-crack-rbi-grade-b-officer-exam-2015-in-three-weeks/
Go through the above links and jot down all the important information which you come
across and then continue with the document. Do this seriously.
So as you must have seen, Phase 1 is qualifying. 200 questions in 120 minutes. 80 General
awareness, 60 Resoning, 30 Quants, 30 English.
Even though 200 questions in 120 minutes seems a huge task, the key is to understand that
you dont need to solve all 200 questions to clear. You just need to wisely clear the sectional
cut-off and then the overall-cutoff.

It is important to understand that you can have 1 weak section, 1 strong section and 2 decent
sections. For me, I was strong in English and weak in Quants and decent in GA and
Reasoning. You need to identify this first. This will be unique for everyone. Once you
identify this, you strategize accordingly. Aim to score the maximum in your strong area. Just
aim for the sectional cutoff in your weak area. And score above cutoff in your decent areas. I
aimed to score the maximum possible in English, somehow clear Quants cutoff and get
decent scores in Reasoning and GA
Tip1: The keywords for phase 1 are MOCKS, TIME-MANAGEMENT and ACCURACY.
These are the two magic words. Any aspirant preparing for aptitude exams would know this.
Since I had never prepared for aptitude exams like CAT, I didnt know this key principle and
ended up wasting some time. For MOCKS I recommend Oliveboard 10 tests online, Practice
Mock 10 tests online and Kirans Phase 1 Practice Workbook which has around 15 tests. This
gives you quality mocks and practice.
Another key is TIME-MANAGEMENT. The key is to have a fixed mock test routine. That
is, take a wrist watch. Set the time to say 1pm. Do this always, even when you are taking the
test at 9pm. And even during the day of Phase 1 exam. When you start a test, set your time to
1pm. Thus, as and when you solve the 30 mock tests, this rhythm will get etched in you and
during the exam, you will perfectly manage your time. My time management was like this.
1pm to 1:10pm - General Awareness 40 questions
1:10pm to 1:30pm English 30 questions
1:30pm to 2:05pm Quants 30 questions
2:05pm to 2:50pm Reasoning 60 questions
2:50pm to 3pm General Awareness remaining 40 questions
Can you understand my strategy? I was strong in English, so 20 minutes was enough for me.
I was weak in Quants and so I was aiming to clear just the cut-off. I was hoping to score
decent in GA and Reasoning.
Tip2: Phase 1 is only qualifying and your final score does not matter as long as you get the
cutoff.
And this was the time management I followed in all my MOCKS and the PHASE 1 exam
itself. It was always 1pm to 3pm. I got so used to it that I could easily identify if I was
spending too much time in a section. But how did I arrive at this time split? It totally depends
on your strengths and weakness. You have to plan your time for each section. You can arrive
at your time split, by working out a few sections and understanding your speed. I think the
above time split can be used by you too though. And please dont make the mistake of
attending too many questions. Accuracy is more important. Target 80% accuracy. This is
where mocks will help. They have these All India rankings which clearly show how you
performed in each section.

Tip3: I repeat MOCKS, TIME-MANAGEMENT and ACCURACY is all that you need in
Phase 1
Section 2: Phase 1 General Awareness
80 questions can be done in 20 minutes. This is the highest scoring section and highest return
on investment and also the easiest strategy wise. To do this section perfectly you just need
this.
Open http://www.bankersadda.com/ and http://www.affairscloud.com/
Download the monthly GK capsules, GK quizzes etc for 6-8 months before exam date. And
work it out like crazy. Make notes, Google some important terms, know some dates,
remember schemes etc. If you have a good workout by doing this, this section can pull you
through Phase1.
Tip4: Use Google and YouTube like crazy. For anything and everything.
Section 3: Phase 1 Quants
30 questions in about 35 minutes for me. The section which I feared the most and the section
which eliminated a lot of strong candidates in Phase 1. As you wont know the safe cut-off
before hand, always aim for 50% score. While attempting the paper, you will get a idea of the
difficulty. If its difficult, you can be happy if you are getting 12 right. If its easy, you should
be getting 15 to 18 right. But, do not exceed 35 minutes or whatever time you have fixed for
yourself.
How to prepare this if you havent prepared aptitude exams before? First, make a list of all
the topics which are part of the section. If you had gone through the mrunal link well, you
would have already known it by now. But anyway, I will post the topics which I maintained.
1. Data Interpretation (percentage, ratio, fractions, venn digram data) (15 marks)
2. Permutation, Combination, Probability
3. STD, RTW, Pipes, Trains, Boats, Race
4. Profit, Loss, Discount
5. Averages
6. Mixtures, Alligations
7. SI, CI
8. AP, GP, HP
9. VBODMAS
10. Linear equations, Quadratic equations (5 marks)
11. Geometry area, volume, surface area
12. Series completion (5 marks)
13. Number system
14. Venn Diagrams Logical

There are many books in market but I did not prepare from any book. I took each topic and
googled it and learnt shortcuts from mrunal, bankadda and affairs cloud. Also, there were
some good videos on YouTube which gave good shortcuts. Just search a topic on YouTube
and try to see a few videos. You will easily come to know which are good. Concentrate on
DI, Quadratic equations, Series completion. This will help you reach the cutoff.
Section 4: Phase 1 Reasoning
60 questions in 45 minutes for me. This is tricky. This is not as difficult as Quants, it can be
scoring but not as easy as GA. Again, I didnt follow any book. I just listed down the topics.
And individually I googled them and learnt shortcuts from mrunal, bankadda, affairs cloud.
Statement and conclusion (syllogism style, which conclusion is true) (5 marks)
Statement and conclusion (based on inequalities, mathematical equations)
Statement and conclusion (what conclusion can you derive from the given statement)
Sitting arrangement (circular, row, building floor) (10 marks)
Input-Output machine (5 marks)
Statement and inference (which statement can you infer from the given statement)
Statement and assumptions (which assumption is implicit in the statement)
Blood relations (5 marks)
Data sufficiency (can you answer the question with given two statements) (5 marks)
TIME
10. Statement and course of action (what will be your course of action for the given
problem statement)
11. Name-Place-Colour-Thing mapping (10 marks)
12. Direction test (N, E, W, S, NE, SW, NW, SE)
13. Coding-Decoding, find the coded words and numbers (5 marks)
14. Series completion (picture, number) (5 marks)
15. Pick the odd one out
1.
2.
3.
4.
5.
6.
7.
8.
9.

Find out your strong areas. The statement questions, directions, blood relations, inequalities
are pretty easy and target those first. Practice sitting arrangements but if you find the question
to be very big on the exam date, just SKIP the question. But, only if it is big. Otherwise, you
can attend it and score good. Again, keep note of the time. Do not exceed the time split you
have framed for yourself. Dont miss out on sectional cutoff. Quants and Resoning are the
only two sections where there is a chance of missing sectional cutoff
Section 5: Phase 1 English
30 questions in 20 minutes. My strong section. Even before knowing what is Phase 1
syllabus, I knew English would be a strong section for me. My single target was to get the
highest mark in the section. Even try to get 30/30 if possible. Now, this is where you should
be careful. You should find out your strong area. English might be weak for you, but Quants
may be strong. Adjust accordingly. Like I said, you need 1 strong, 1 weak and 2 decent
sections. If you have 3 weak sections, I am sorry but it is very difficult for you without

intensive training. If you have 2 strong sections and 2 decent sections, you have extremely
high chances if you just manage time.
As far as English goes,
1.
2.
3.
4.
5.
6.
7.

Find which part of sentence has grammatical error (5 marks)

Reading Comprehension (10 marks)
Fill in the blank with the correct pair of words (5 marks)
Replace an grammatically incorrect phrase with the correct phrase (5 marks)
Fill the appropriate words in the passage (5 marks)
Rearrange the sentences in correct order jumbled paragraph (5 marks)
Choose the pair of synonyms or antonyms from the 4 given words (5 marks)

I just did my mocks and then the final exam. I dont think you can learn this section from any
book in particular
Section 6: Phase 2 Overall
http://mrunal.org/2012/03/study-plan-rbi-officers-phase-2-exam.html
Just go through the above link and also Google about RBI Phase 2. Im posting these links
because it develops the habit of googling information you need and not just depend on
someone else.
In 2015, there was a pattern change to objectives. The objective pattern was a bit strange
when compared to previous descriptive questions. It has 100 marks English,100 marks ESI,
100 marks Optional. Unlike, phase 1, there is no question of time management here. You will
have enough time. STRATEGY is more important here. 300 marks. You have to make sure
you get awesome marks in English because it can drastically pull you down. Objectives,
mostly you will get decent scores. Aim for 210 out of 300.
Google is key here. Though there are books, you need to use Google wisely. There are a
finite number of topics in the syllabus. Before you start studying anything from any book,
just type that topic in Google and read for 10 minutes what its about and then dive into your
book. This will be key differentiator.
Section 7: Phase 2 English
50 marks English and 50 marks Precis. This is the most important section but ignored by
many. Even those who understand the importance, do not know how to prepare for this
section.
https://www.google.co.in/?gws_rd=ssl#q=how+to+score+maximum+in+essay
https://www.google.co.in/?gws_rd=ssl#q=precis+writing+rules
If you go through the various links from above, you really dont need anyone to give their
strategy. This gives you an idea of how to maximize your scores and be well prepared. But

just for the sake of it, I will summarize a few brief points what I have learnt from the above
two links.
Essay:
1. Have a fixed structure. 1 Introduction, 3 body paragraphs, 1 conclusion. Before you even
start typing, take a rough sheet and form the core structure in it. What are the 3 points, any
nice conclusion you can think about, any quote to give in introduction. Once you have this,
start off.
2. In each body paragraph, have 3 main ideas which you will elaborate
3. This is my personal belief. I believe you should go for technical topics. I wrote on India
GDP topic even though there were a few general topics like climate change, intolerance. Isnt
it logical? You are writing essay for RBI exam. Why not choose a technical topic? Doesnt it
have a better chance to impress? I have no proof to support this, and also those who wrote
general topics also have got same marks. But this is something you can keep in your mind
4. Follow word limit. Why do you want to exceed or fall short?
5. Introduce the topic in the introduction and what are the points you will be talking about
6. Conclude by stating why the topic is important and why the steps/issues have to be
addressed
7. The body paragraphs are easy. Identify 3 core points, and give examples to each point
Precis:
1. If you go through the Google search result, you will find many prcis writing rules which I
am sure many would not even be aware of. In school, college we just learnt prcis as
shortening to 1/3rd passage, but actually there a lot of rules to be followed like use only
reported speech, use your own words to describe the passage, do not change the tone of the
passage, avoid numbers, give title etc.
In short prcis should be like you summarizing what happened in a 3 hours class to your
friend who missed it, in 10 minutes.
Tip5: Follow those two links and the various articles and rules involved, and I am sure you
will get a minimum of 65 in English and beyond that depends on your grammar, spelling,
coherence etc.
Section 8: Phase 2 ESI
100 marks. Aim for 70 in this paper. Now, there are a lot of books to recommend and even
some high level books. I will only mention the bare minimum you need to get 70 in this
paper. You have so many other resources to become a master in this (RBI recommended
books, Coursera MOOCs)

Now there are two different candidates here. One having done MBA or economics etc and the
other having studied for state PSC, UPSC, SSC etc. These two candidates will already have a
working knowledge in this field. They can just do Ramesh Singh, Uma kapila (if time is
there), Sociology ncerts, Economy ncerts, bank adda economic capsules, other google
sources.
If you are not among these two candidates, you have a tough ask. Because, you need to get
some basics first. It will take relatively longer time for you. No other way than to start off
with ncerts and see a few YouTube videos.
Again, I want to highlight that giving a list of book names is not the intention of this
document. I want you to be able to formulate your own strategy.
Tip6: Lot of factual data comes in this paper. But they will be simple. Just concentrate on the
concepts and note down the factual data
Section 9: Phase 2 Optional (FM only. I am sorry for those looking for Economics or
Statistics. There will be other strategies online)
100 marks. I heard economics and statistics were tough in general. Meaning, if you have not
done your graduation in these areas, just blindly choose Finance and management. Dont
even think twice. Most of the selected candidates had FM. It is more general in nature. Here I
will be talking only about FM.
60% Finance and 40% management. The management part is what you have to target. It is
easy and you should aim for maximum marks in it. There are some standard sources like
(IGNOU management notes, Tripathi, Koontz) Any one source will do, provided you Google
each and every term like Planning, Organising, Leading, Controlling etc.
In addition to this, I will provide you with a link. This is a course Principle of Management
from engineering. It gives a quick overview of the subject. Once you read this quickly, you
will understand the flow in the subject.
http://www.rejinpaul.com/2013/06/principles-of-mamgament-notes-MG2351-POM-notesanna-university.html
(I hope the link is still working)
Now coming to the Finance part. 50% of it will be manageable and the other 50% was a bit
technical. I would say target the manageable 50% first. Thankfully, it overlaps a bit with ESI
and so you should be able to manage it with the same resources and books. Now for the other
technical 50%, I would suggest depend on Investopedia and maybe Prasanna Chandra
(though I personally didnt have time to study Prasanna Chandra satisfactorily)
I think you should target a minimum of 60 in your optional.
Tip7: Target management and static part of finance. Just give your best shot in the tough,
technical part.

65 minimum in English, 70 minimum in ESI, 60 minimum in optional will give 195

minimum in Phase 2. You can push in each of these papers another 10 marks each and you
are on your way to clear the exam. Just the interview is left.

Section 10: Phase 3 The Interview

50 marks in 15 minutes. Definitely a game changer. As far as I am concerned, 40+ are very
good scores. That means, you have impressed them on the day and your profile must also be
good. 30+ is a decent interview. You must have missed a few questions on that day, but they
still want you. 20+ maybe few errors on the day but they must have liked something about
you.
Below 20 means there is something which didnt strike them well. It can be anything, only
the panel and the candidate will know. You have to be aware of it and correct it.
https://www.google.co.in/?gws_rd=ssl#q=how+to+have+a+great+interview
https://www.youtube.com/results?search_query=how+to+have+the+best+interview
https://www.youtube.com/results?search_query=mock+interview+ibps
Open Google and YouTube and type how to have a great interview. Open all the links as
tabs, watch the videos and take down notes. And then come back.
Firstly, let us see how you can get good scores. There are 5 ways of increasing your chances
of getting good scores even before your interview starts.
1. Relevant work experience (Banking sector, financial institutions etc)
2. Reputed MBA degree
3. Excellent academic records
4. Excellent extra-curricular records
5. Something extremely catchy in bio data

If you dont have any of the 5, you definitely need to maximize your Phase 2 marks and have
a very good 15 minute interview with them to impress them. If you have any of the 5, you
have to give a decent enough interview and can still get 30+.
Tip8: Please dress to impress!
I cant stress this point enough. This post is for a Manager at the Central Bank of the worlds
largest democracy. If you are a guy, please dont be shy to wear a suit. (I cannot advise on the
dress code for girls, but I think you can find it online somewhere.) All the male panel
members wore a suit. And you are sitting among them. Please wear a good suit, tie, shoe etc.
I am stressing on this point because, when you enter and leave, you having made an effort to
look serious and formal, will definitely leave a positive impression in their mind and they
might just make that 30 into a 33 which might be a game changer. (Even I was skeptical
about wearing a suit and the cost involved. But good news is that, Peter Englands readymade
suit is there for about 3000 rupees. Do try to get it if you make it to the interview.) I am not
saying you will be selected for wearing a suit, but it definitely creates a professional and a
positive image for the post you are applying for. Now see, there will be some who might not
have any of the 5, not worn a suit, but still have got 40+. That must be an exception.
Tip9: Dont go by the exceptions, go by the norm.
Now I will be posting my interview transcript which fetched me 35 marks out of 50. A pretty
decent score.
I do not want to type just a Q and A transcript. I want to share the entire and exact experience
that happened within the hall. This will be useful for those who will be attending their first
government job panel interview, as this is completely different from our usual campus
placement interviews. Once, you attend one or two such interviews, you yourself will become
a master of it. But, it is the first time which requires guidance. Dont just read it. Try to
visualize how I would have felt during each dialogue.

This being my first interview after my campus interview, I was a bit nervous. At around
9.50am, I was called from the waiting room and made to sit outside the interview room. At
9.55am I was called inside the interview room.
C1 Chairman, 4 other panel members M1, M2, M3, M4 where M3 was a lady panel
member and the rest were male members.

As I was entering the room, C1 called out my name.

C1: Please come in.
Me: I thanked him and wished good morning to him and the other panel members.
I was asked to take my seat. (There were individual sofa sets for everyone. It was not a big
table kind of panel interview.) I took my seat and was looking at C1.
C1: I was looking at your academics and you have excellent academic records.
(My morale got a huge boost at this opening remark)
Me: Thank you sir
C1: You have even got many laurels in the company you were working for.
(My confidence shot up like anything)
Me: Yes Sir.
C1: But, I am a bit concerned about this inner call which you have mentioned. Did you ever
want to become a priest? What is this inner call?
(My confidence took a crash landing. I had prepared nook and corner for this interview but I
had never expected such an opening question. I did not even know why this question came
up. Then, I realized I had given a long answer for the Reason for leaving previous job
column. Within a fraction of a second, I realized that it had been misinterpreted and I got a
very bad feeling. I had actually written something like, In spite of achievements in previous
job, I felt an inner need to look for newer opportunities etc.)
Me: No sir, I am more spiritual than religious.
(This question really took me off guard. I had prepared so much for the interview and I had
never even imagined to be asked about becoming a priest!)
C1: Hmm, but what are these inner calls. RBI is not an organization to answer such inner
calls.
(C1 face became a bit stern I felt. Within the first 5 mins, I had experienced an extreme high
and an extreme low)
Me: Yes sir definitely. I had mentioned about having an inner need in my bio-data. Inspite of
getting laurels at my job, I felt an inner need to understand the fundamental problems of
society. I was fascinated by the question of how price rises over time and how this affects
society. My parents used to tell me how things used to cost them a fraction of todays cost.
(C1 nods his head)

Me: My education did not provide an answer to this question. And so, my journey started two
years ago with that fundamental question.
(This conversation was only because I had mentioned inner need in my biodata. Or else, it
would have continued with the high of my academic records. That day I learnt that one
should not use fancy adjectives in bio data.)
C1: Ok so tell us what you have learnt. How does price rise?
(I breathed a sigh of relief within)
Me: Sir it is because of inflation.
C1: What is inflation?
Me: Inflation is technically defined as the rise of prices of a basket of good over a period of
time. Inflation occurs primarily due to mismatch between supply and demand of resources.
C1: Why RBI changed inflation measurement from WPI to CPI?
Me: Yes sir. Inflation can be measured by either WPI or CPI
C1: Why RBI changed inflation measurement from WPI to CPI?
Me: It was Dr. Urjit Patel committee which recommended to
C1: Why RBI changed inflation measurement from WPI to CPI?
(It was a bit unnerving, but maintained my calmness)
Me: Sir, its because CPI gives a more realistic picture of inflation at the ground level.
C1: How is it so?
Me: WPI does not include a huge sector namely the services sector. Whereas, CPI takes into
account the services sector.
C1: Anything else? What is the weightage of services sector in CPI?
Me: I am not able to recollect the exact weightage sir, but it is around 20% of the weight
C1: Then what is the maximum weightage under CPI?
Me: Sir, food is the main component under CPI and this is also a reason why CPI was chosen.
C1: Yes. So tell me how can RBI control food inflation?
(I got a bit stuck here. I realized that RBI actually is dependent on external factors here)
Me: Hmm sir, with regards to food, RBI has to also depend on certain external factors like
the monsoon, which is out of RBIs control.

C1: Correct, so why does RBI want to target CPI? When the majority component of food
cannot actually be controlled by the RBI
Me: CPI gives a more realistic picture of the price experienced at the consumer level. But yes
sir, there are lot of supply side constraints with respect to food. Structural reforms are needed
to control food inflation
(While answering itself I realized that with respect to food, monetary policy is not that highly
effective.)
C1: Ok leave it.
(C1 asks M1 to proceed.)
M1: Which industry earns highest forex for India?
Me: Sir, Information Technology industry earns high forex for India
M1: Ok, so what is the main challenge which Indian IT is going to face in future
(I took a few seconds as I was not sure of any specific problem. I only had a general idea)
Me: Sir, the Indian IT industry faces visa issues primarily.
M1: Ok that is a monetary issue but tell me something structural
(Again I was searching for any particular problem. I wasnt getting any)
Me: There are also certain patent issues with the IT industry.
M1: Are you aware of Davos?
Me: Yes sir, the World Economic Forum was held there
M1: What was the theme of Davos this year
Me: Sir it was about the fourth industrial revolution
M1: Good. So what is it about?
Me: The fourth industrial revolution is about the Internet of Things and how that is going to
spearhead the next revolution
M1: You are missing something important
Me: IoT and also robotics sir.
C1: Robotics is old
Me: Yes sir, also Artificial Intelligence. AI was also a major theme at Davos
M1: So now tell me what problems Indian IT will face in future

Me: AI by its very nature is very disruptive and it will also affect the Indian IT sector. I am
not sure the exact effect it will have sir I am sorry.
(I felt that it was an extremely specific answer which he had been expecting and it was kind
of tough to narrow it down to exactly what he expected. M1 pointed to M2)
M2: So, whom does RBI regulate?
Me: Sir, RBI is a major regulator in the financial market. It
M2: Financial market is very huge.
Me: Yes sir, RBI plays a major role within the money market
M2: Money market is also very huge.
(I usually give a short introduction before giving an answer, but I guess in interviews you
should give answers to the dot)
Me: RBI is the regulator of scheduled commercial banks, NBFCs,
M2: What are NBFCs?
Me: NBFCs are Non banking financial companies registered under companies act
M2: Can you name a few famous NBFCs?
Me: Shriram finance, Muthoot finance
M2: How does Shriram finance get its capital?
(Again, like C1 question about monetary policy and food inflation, I realized I didnt have a
solid answer to this as I quickly realized that Shriram finance doesnt accept deposits from
public)
Me: Hmm, yes, Shriram finance does not accept deposits from public. Share capital sir?
M2: With a smile, No that is not that significant a contribution
Me: I am sorry sir, I do not know the exact answer to that
M2: Ok, why does RBI regulate NBFCs?
Me: NBFCs also form a critical part of the financial system and so to bring about stability
and also to protect the interest of the depositors, RBI regulates NBFCs
(M2 looks at M3)
M3: I was looking at your bio-data and saw that you had won a Vision Statement contest in
your company. What is a vision statement? What is the vision statement of RBI and how does
it achieve it?

(Took a small breath as the answer was going to be long and also because I knew this part
well)
Me: A vision statement is a long term image or direction set by an organization for its
employees to aspire for. The RBIs vision statement is to be a leading central bank through its
proactive and transparent policies. The RBI is able to achieve this through certain core
guiding values such as public interest, integrity, inclusiveness
M3: What is this inclusiveness and how does RBI achieve it?
Me: Yes mam, inclusiveness is the availability, accessibility and affordability of basic
financial services to every citizen so that all are included in the financial system. RBI follows
a two pronged strategy to achieve inclusiveness. Through schemes like PMJDY it ensures
inclusiveness and through Financial Literacy efforts, it educates people about the financial
services. Because, there may be infrastructure present, but without financial literacy,
inclusiveness cannot be achieved
(M3 seemed convinced and looked at M4)
M4: Who regulates foreign exchange?
Me: Sir, RBI regulates the foreign exchange market
M4: What are the components of foreign exchange reserves.
Me: Foreign exchange has foreign currency assets, gold, SDR and reserve tranche
M4: But how is foreign exchange reserve added?
Me: Sir, a surplus in the BOP is added to the forex reserve and if there is a deficit, forex
reserve is removed
M4: But, India always has a CAD. Then how does it maintains forex reserve?
Me: Yes, India has CAD but it has capital account surplus due to FDI and FII inflow
M4: There was an article today that the Indian Rupee is going to face its worst. Did you read
it?
Me: Yes sir
(Actually I didnt read that particular article which he said, but there were many such articles
in the recent week on the similar topic, so I thought it was the same relevant news)
M4: So why is that?
Me: The Chinese slowdown, unconventional monetary policy of central banks,
M4: What is this unconventional monetary policy?
Me: Quantitative easing and negative interest policies are unconventional monetary policies.

M4: Why is it unconventional?

Me: Conventional monetary policy operates at above zero interest rate. When it is no longer
effective, central banks go for unconvential monetary policy by going for negative interest
rate
(M4 looks at C1)
C1: What do you read?
Me: Read sir?
(I wasnt expecting this question as I hadnt mentioned reading in my bio-data and also since
all the members had finished their questions)
Me: I like to read about how economic and politics are related
C1: Which book?
Me: Currently I am reading Thomas Pikkety sir.
M1: Oh Pikkety. Capital in the 21st century.
Me: Yes Sir.
C1. Have you read Amartya Sen?
Me: No sir, I have not yet read Amartya Sen but it is on my to read list
C1: Ok, What other books?
Me: Apart from that, currently I am reading only academic books sir
C1: Ok thank you. You may leave.
(I thanked the members and moved out)
(My first thought when I left the room was Not an extraordinary interview but not a disaster
either. Pros They appreciated my academic records at the very outset, I maintained the
same calmness during praise and negative reactions. Cons Could not answer a couple of
technical questions)
So that was my interview. Listen, you got to google, see previous transcripts, prepare for
some general HR questions, practice at home, take mocks, and most important, invest in a
good, formal dress. Try to get minimum 30 in interview.

Section 11: Miscellaneous

As you see, more than giving you a list of books, I have shown you how you can make your
own strategy. Do not expect any readymade materials or groups. Infact, there are many
people on many forums selling notes, materials, tests. I think in todays open source world
you shouldnt pay huge amounts unless it is extremely high quality. If you have loads of
money, you can buy for your satisfaction. But, mostly it wont be of help I guess. You can get
everything you want on Google and Youtube. Follow some groups in Pagalguy, facebook to
receive exam related updates and discussions. But, dont involve yourself too much into
them.
The approximate time frame for 2015 exam was:
Notification for Phase 1 October 2015
Phase 1 November 22, 2015
Phase 1 Result November 26 2015 I think
Phase 2 December 7th and December 14th (Chennai candidates alone due to flood)
Phase 2 Result December last week 2015
Interviews January 10th to March 31st 2016
Interview Result 1st April 2016 (Yes! within one day and on April Fools Day)
Approximate 1.5L to 2L applications for Phase 1 (Not sure of this number), Approximate
2800 got selected for Phase 2, Exactly 606 got selected for Interview and Exactly 134 got
selected in the end.
Plan your exam well. The harsh reality is that only a handful will get selected in the end. And
all exams have huge competition. Just have a solid strategy from start to end and give it your
best. Be it RBI Grade B or any other competitive exam in India.
Now you might be having some follow up questions or specific questions. I will not be able
to answer them but there are others and also authors on Quora and other blogs, forums etc
who would be able to help you out. Just take 1-2 good ideas from 4-5 people, formulate your
strategy and go for the kill.
I am not sharing any of my personal details here because like I said in the beginning, my only
aim was to give you a comprehensive strategy and also help you to form your own strategy. I
will now have to concentrate on my full time job at the Reserve Bank of India.
I apologize if there are any inadvertent mistakes in the document or in my strategy.
As I say goodbye, I wish you all the best for the exam and I hope that we would be
colleagues in future!