Revised Process of recruitment of Officers in Grade-‘B’- (DR)
It has been decided by the Reserve Bank of India to introduce
a new scheme of selection for recruitment of officers in Grade-‘B’ (DR), from
recruitment year 2015. Under the new scheme of selection the examination will be
computer based (Objective type with Multiple Choice Question pattern) and
consists of two phases, viz., Phase-I and Phase-II, followed by Interview. While
Phase-I examination will continue as per existing Phase-I examination for
Grade-‘B’ (DR), Phase-II examination will consist of three papers of which two
will be compulsory papers and one optional paper. The compulsory papers are
Paper-I on ‘English’ and Paper-II on ‘Economic and Social Issues’. The optional
Paper- Paper-III will have options of subjects, viz., ‘Finance & Management’ or
‘Economics’ or ‘Statistics’. In Phase-II the paper on ‘English’ will be
descriptive type and computer based, i.e. to be typed on computer screen with
the help of the keyboard. Prospective candidates are advised that Phase-II of
the examination will be conducted within two to three weeks of Phase-I of the
examination. The new scheme of selection is furnished in the Annex-A. The
Syllabi of all the papers are furnished in Annex-B.
New Scheme of Selection for recruitment of officers in Grade-
A. Examination Pattern
(i) Examination will consist of two phases, viz. - Phase-I & Phase-II
followed by interview.
(ii) Phase-I examination will be objective type with Multiple Choice Questions (MCQs).
The Phase-I examination will continue as per the existing Phase-I examination
for Grade-‘B’ (DR). There are four modules in Phase-I, viz.- General Awareness,
English Language, Quantitative Aptitude and Reasoning.
(iii) Phase-II examinations will consist of three papers in MCQ pattern (except
Paper-I) – viz. Paper-I on English (writing skills); Paper-II – Economic &
Social Issues and Paper-III – (optional subjects) – Finance & Management/
(iv) Candidates will be required to write all the papers online.
(v) Only successful candidates of Phase-I will appear for Phase-II examination
on a later date.
(vi) Based on the results of Phase-II examinations candidates will be
shortlisted for interview.
(vii) Final selection will be through merit lists which will be prepared by
adding marks secured by candidates in Phase-II (Paper-I + Paper-II + Paper-III)
B. Duration of Examinations and Distribution of Marks
(i) Phase-I : Objective Type - 2 hours - 200 marks
(ii) Phase-II: Three Papers - 300 marks
- Paper-I – online- English-( writing skills)- 1½ hours - 100 marks
- Paper-II – Economic and Social Issues – 1½ hours – 100 marks
- Paper-III - Optional Paper (Finance & Management/ Economics/ Statistics)
– 1½ hours - 100 marks
(iii) Interview: 50 marks
The interview will continue in its existing format.
C. Educational Qualification
A Minimum of 60% marks (50% in case of SC/ST/PWD) or equivalent in Bachelor’s
Degree as well as in 12th and 10th standard examinations.
D. Age Criteria and Age Relaxation in upper age limit
(i) The present age criteria of “Between 21 to 30 years” will
(ii) For M. Phil and Ph. D candidates the upper age limit will be 32 and 34
(iii) As per extant practice age relaxation will be available to experienced
candidates viz. candidates having experience as an officer in Commercial Bank/
Financial Institution in Public Sector as also candidates with prior experience
in Reserve Bank of India, to the extent of number of years of such experience
subject to a maximum of three years. For such candidates, upper age limit should
not exceed 33 years including experience. For experience, probationary period
will not be reckoned.
(iv) There are relaxations in upper age limit as per statutory requirements and
for the staff.
As per existing practice cumulative age relaxation will not be available in
combination with any items mentioned at (ii) (iii) & (iv).
E. Number of attempts:
The maximum permissible number of attempts (which were applicable for
candidates belonging to Unreserved/General Category) has been increased from 4
For detailed information, candidates may carefully read the detailed
advertisement which will be uploaded on RBI website at the time of recruitment
:: Syllabus ::
1. English (Writing Skills):
The paper on English shall be framed in a manner to assess the writing skills
including expression and understanding of the topic.
2. Economic and social Issues:
Growth and Development – Measurement of growth: National
Income and per capita income – Poverty Alleviation and Employment Generation in
India – Sustainable Development and Environmental issues. Economic Reforms in
India – Industrial and Labour Policy – Monetary and Fiscal Policy –
Privatization – Role of Economic Planning. Globalization – Opening up of the
Indian Economy – Balance of Payments, Export-Import Policy
– International Economic Institutions – IMF and World Bank –
WTO – Regional Economic Co-operation. Social Structure in India –
Multiculturalism – Demographic Trends – Urbanization and Migration – Gender
Issues – Social Justice : Positive Discrimination in favor of the under
privileged – Social Movements – Indian Political System – Human Development –
Social Sectors in India, Health and Education.
Suggested reference material:
- Indian Economy: Uma Kapila.(Series of Books)
- Indian Economy: Mishra Puri. (Latest Edition)
- Growth And Development: Devraj Ray
- Sociology: C.N. Shankar Rao
- Economic Times
- Business Standard
Weekly/Monthly Magazines/Bulletins /Reports:
- Economic and Political Weekly
- Southern Economist
- Business India
- RBI Bulletins
- World Development Report
- Economic Survey of India
3. Finance and Management:
(a) Financial System
- Regulators of Banks and Financial Institutions
- Reserve Bank of India- functions and conduct of monetary policy, Banking
System in India, Financial Institutions – SIDBI, EXIM, NABARD, NHB, etc.
(b) Financial Markets
Primary and Secondary Markets (Forex, Money, Bond, Equity, etc.), functions,
instruments, recent developments.
(c) General Topics
- Risk Management in Banking Sector
- Basics of Derivatives: Forward, Futures and Swap
- Changing Landscape of Banking sector
- Recent Developments in the Financial Sector, Portfolio Investment,
Public Sector Reforms, Disinvestments
- Financial Inclusion- use of technology
- Alternate source of finance, private and social cost-benefit,
- Corporate Governance in Banking Sector, role of e-governance in
addressing the issues of corruption and inefficiency in the government
- The Union Budget – Direct and Indirect taxes; Non-tax sources of
Revenue, GST, Thirteenth Finance Commission and GST, Finance Commission,
Fiscal Policy, Fiscal Responsibility and Budget Management Act (FRBM),
- Inflation: Definition, trends, estimates, consequences, and remedies
(control): WPI, CPI - components and trends.
Suggested reference material:
- An introduction to Economics – A W Stonier and D C Hauge
- Monetary Theory and Public Policy – Kenneth Kurihara
- Indian Economy – Mishra and Puri
- Indian Economy – R. Dutt and KPM Sundaram
- Economic Growth and Development – Mayer and Baldwin
- Major economic newspapers and Economic and Political Weekly
- Public Finance – K K Andley and Sundaram
- Financial Management – Prasanna Chandra
Management: its nature and scope; The Management Processes;
Planning, Organisation, Staffing, Directing and Controlling; The Role of a
Manager in an Organisation. Leadership: The Tasks of a Leader; Leadership
Styles; Leadership Theories; A successful Leader versus an effective Leader.
Human Resource Development: Concept of HRD; Goals of HRD; Performance Appraisal
– Potential appraisal and development – Feedback and Performance Counselling –
Career Planning – Training and Development – Rewards – Employee Welfare.
Motivation, Morale and Incentives: Theories of Motivation; How Managers
Motivate; Concept of Morale; Factors determining morale; Role of Incentives in
Building up Morale. Communication: Steps in the Communication Process;
Communication Channels; Oral versus Written Communication; Verbal versus
non-verbal Communication; upward, downward and lateral communication; Barriers
to Communication, Role of Information Technology. Corporate Governance: Factors
affecting Corporate Governance; Mechanisms of Corporate Governance.
The questions on this section will be basic in nature.
- Consumers behaviour and firms; value of resources like land, labour and
- Markets-monopoly, perfect and imperfect competition
- General Equilibrium of price and activity, economic welfare and case for
regulatory / policy interventions
- Measuring national income and its components; basic macro identities and
idea of macro-balance; Goods and Financial Market Equilibrium (IS-LM
- Major macro-economic school of thoughts; Classical, Keynesian and
- Consumption and Investment demand; demand management policies and their
- Money demand and supply; monetary and fiscal policies
(c) International Economics
- Benefit of International trade; comparative and absolute advantage;
effect of International trade on resources allocation and factor price
equalisation; non-conventional trade barriers, optimum currency areas and
effect of customs union
- International finance and exchange rates issues in an open economy,
benefits and costs of an inter-connected financial markets; evolution of
international financial architecture
(d) Public Economics
- Public Goods, instruments of financing, government tax and non-tax
- Direct and Indirect taxes, efficiency costs of commodity taxes, income
taxation, labour supply and savings, corporate taxation and corporate
- Government expenditure policy-various components, deficit financing and
its impact on the economy, government debt and crowding out of private
(e) India’s Economy and Development Issues
India’s experimentations with planned development models and
the outcomes, structural issues-savings and investment, demography,
urbanization, productivity, etc., issues with poverty, inequality and employment
Agriculture- policy and developments, manufacturing competitiveness; what is
holding India back, role of public sector enterprises in the key economic
sectors, India’s resilient service sector; trade, tourism, communication, ITES,
Financial sector regulation and reforms-banking, insurance and capital
market, fiscal policy and the changing priorities of government, emergence of
monetary policy and its new role
Suggested reference material:
- Microeconomics, Student Value Edition (8th edition) by Robert Pindyck,
- Intermediate Microeconomics : A modern Approach (8th edition) by Hal R.
- Macroeconomics (2011) by Rudiger Dornbusch, Stanley Fisher, Richard
- Macroeconomics by N. Gregory Mankiw, (Seventh Edition),
- International Economics (2013) by Domimick Salvatore
- International Economics (2011) by Paul Krugman and Maurics Obstfeld
- International Finance and Open Economy Macroeconomics (1993) by
Francisco L. Rivera- Batiz, Luis A. Rivera- Batiz
- Public Finance in Theory and Practice (1989) by Richard Abel Musgrave
and Peggy B. Musgrave
- The Concise Oxford Companion to Economics in India, Edited by Kaushik
Basu & Annemie Maertens
- Indian Economy since Independence (2014) edited by Uma Kapila
- Indian Economy : Performance and Policies (2015) edited by Uma Kapila
- India Development Report (2015) edited by S. Mahendra Dev
(1) Probability: Random variables, Theorems of probability,
Conditional probability, Independent events, Bayes' theorem and its application,
expectation, moments, distribution functions, Binomial, Poisson, Geometric,
Exponential, Negative binomial, Hyper geometric, Cauchy, Laplace, Logistic,
Pareto, Log-normal, Beta and Gamma distributions, Weibull, Uniform, Bivariate
normal distribution and truncated distributions, Markov’s inequality,
Chebyshev’s inequality, Cauchy-Schwarz inequality, Laws of large numbers,
Central limit theorems and applications.
(2) Statistical Methods: Population and sample, Measures of
central tendencies Parameter and Statistic, Correlation and Regression,
intra-class correlation, multiple and partial correlations, Spearman's
coefficient of rank correlation, Z, chi-square, t and F statistics and their
properties and applications, Large sample distributions, Variance stabilizing
transformations, sin inverse, square root, logarithmic and z transformation.
(3) Linear Models: General Linear models, BLUE, method of
least squares, Gauss-Markoff theorem, estimation of error variance, Simple and
Multiple linear regression models, Important assumptions and treatments in case
of assumption’s violation, Regression diagnostics, Analysis of variance in one,
two and three-way classifications, Analysis of Covariance in one and two-way
(4) Statistical Inference: Properties of estimators, MVUE,
Rao-Blackwell and Lehmann-Scheffe theorems, Cramer-Rao inequality, methods of
estimation, properties of maximum likelihood and other estimators, confidence
intervals. Simple and composite hypotheses, Type I and Type II errors, size and
power of a test, Most Powerful and Uniformly Most Powerful tests, Neyman-Pearson
lemma, Likelihood Ratio test and its properties and applications. SPRT, OC and
ASN functions, Tests of goodness of fit. Parametric vs. Non-parametric Test,
Frequently-used non-parametric inferential statistical methods.
(5) Multivariate Analysis: Bivariate and Multivariate normal
distribution, marginal and conditional distribution, Estimation of mean vector
and covariance matrix, Asymptotic properties of estimators, Sampling
distribution of X and S, Mahalanobis D2 and Hotelling's T2 and its applications.
(6) Optimisation Techniques and Statistical Quality Control:
Linear Programming, Transportation Problem, Assignment Problem, Basics of
Simulation, Quality control, Process Control and Product Control, control
charts, Acceptance Sampling plan, single and double sampling plans (ASN, OC,
ATI, LTPD, AOQL).
(7) Sample Surveys and Design of Experiments: Simple and
Stratified random sampling, ratio and regression methods of estimation, Double
sampling, Systematic, Cluster, two stage and PPS sampling. Sampling and
Non-sampling errors. Principles of Design of Experiments, Completely Randomized
Design, Randomized Block Design, Latin Square Design, missing plot technique, 22
and 23 factorial designs, Split-Plot Design and Balanced Incomplete Block
Design, Fractional factorial experiments
(8) Applied Economic Statistics: Time Series vs. cross
sectional data, Multiplicative and additive models, Auto-correlation, Partial
autocorrelation, Smoothing techniques, Seasonal and cyclical adjustment. Price
and Quantity Index numbers, Types of index numbers and their properties. Chain
and Fixed base index numbers, Cost of Living Index numbers, Wholesale Price
Index, Consumer Price Index, Index of Industrial Production, Gini’s coefficient,
Lorenz curves, Application of Pareto and Lognormal as income distributions.
(9) Vital Statistics: Sources of vital statistics
compilation, Errors in census and registration data, Measurement of population,
rate and ratio of vital events, Stationary and Stable population, Life Tables,
Measures of Fertility, Mortality and Reproduction, Crude rates of natural
growth, Pearl’s Vital Index.
(10) Numerical Analysis: Principles of floating point
computations and rounding errors, Linear Equations factorization methods,
pivoting and scaling, residual error correction method, Iterative methods,
Jacobi, Gauss-Seidel methods, Newton and Newton like methods, unconstrained
optimization, Lagrange interpolation techniques, Cubic Splines, Error estimates,
Polynomials and least squares approximation; Integration by interpolation,
adaptive quadratures and Gauss methods.
(11) Basic Computer Applications: Functional organization of
computers, algorithms, basic programming concepts, Program testing and
debugging, Subprograms and Subroutines, Sorting/searching methods, Database
Management Systems, Software Engineering, Basic of Networking, Internet
Technologies, Web and HTML, Distributed systems, Programming using C, MINITAB
Suggested reference material:
- Atkinson, K.E. (1989): An Introduction to Numerical Analysis, Wiley.
- Bhat, B.R. (2007): Modern Probability Theory, New Age International.
- Cochran, William G. (1977): Sampling Techniques. John Wiley and Sons,
- Das, M.N. and N. C. Giri (1986): Design and Analysis of Experiments.
Wiley Eastern Ltd.
- Draper, N.R. and H. Smith (1998): Applied Regression Analysis, John
Wiley & Sons.
- Goon, A.M., M. K. Gupta and B. Dasgupta (2001): Fundamentals of
Statistics. (2 Vols.), World Press, Kolkata.
- Gibbons, J.D. & S. Chakrabarti (2007): Non parametric Statistical
Inference, Chapman and Hall.
- Gupta, S.C. and V. K. Kapoor (2007): Fundamentals of Mathematical
Statistics, Sultan Chand and Sons.
- Gupta, S.C. and V. K. Kapoor (2008): Fundamentals of Applied Statistics,
Sultan Chand and Sons.
- Hollander Myles and Douglas A. Wolfe (2006): Non Parametric Statistical
- Kshirsagar, A.M. (1983): A Course in Linear Models Marcel Dekker, New
- Montgomery, D. C. (2008): Design and Analysis of Experiments, John Wiley
- Montgomery, D.C., E. A. Peck and G. G. Vining(2006): Introduction to
Linear Regression Analysis, John Wiley and Sons.
- Murthy, M.N. (1967): Sampling Theory and Methods. Statistical Publishing
- Rajaraman, V. (2010): Fundamentals of Computers, Prentice-Hall India.
- Rohatgi, V. K. and A. K. Md. Ehsanes Saleh (2009): An Introduction to
Probability and Statistics, John Wiley and Sons.
- Saxena, H.C. (2005): Finite Differences and Numerical Analysis, S. Chand
- Silberschatz, A., H. F. Korth and S. Sudarshan (1997): Database System
- Sinha, P.K. (2010): Computer Fundamentals, University Science Press.
- Sukhatme, P.V., B. V. Sukhatme, S. Sukhatme and C. Asok (1984): Sampling
Theory of Surveys with Applications, Iowa State University Press, Iowa, USA.
- Swaroop, K., P. K. Gupta and M. M. Singh (1985): Operations Research,
Sultan Chand and Sons.
- Taha, H.A. (1982). Operations Research: An Introduction, Macmillan