Navigating the highly competitive RBI DEPR Exam requires a comprehensive understanding of the RBI DEPR Syllabus and RBI DEPR recommended booklist. The RBI DEPR Syllabus covers Microeconomics, Macroeconomics, Statistics and Econometrics, Mathematics, Public Finance, Indian Economy—directly mirroring the exam’s focus on policy analysis and quantitative rigor.

Thorough preparation of the RBI DEPR Syllabus is critical for qualifying the RBI DEPR exam because it ensures complete coverage of high-weightage topics, aligns answers with RBI’s analytical expectations, and maximizes scoring potential in both objective (Phase 1) and descriptive (Phase 2) papers.

RBI DEPR Exam Pattern

The RBI DEPR Exam Pattern consists of three stages: Phase-1, Phase-2, and Interview.

RBI DEPR Phase-1 includes two papers – Economics objective (100 Marks, 2 Hours) and English Descriptive (100 Marks, 120 Minutes).
The RBI DEPR Phase-2 comprises 2 descriptive papers, each of 2 hours duration and 100 marks: Paper-I (Microeconomics and Macroeconomics) and Paper-II (Quantitative Economics and Indian Economy).
Candidates who clear Phase 2 qualify for the Interview (75 marks), evaluating policy awareness and communication.
The final selection in RBI DEPR Exam is based on combined scores obtained at RBI DEPR Phase-1, RBI DEPR Phase-2 and Interview Stage

RBI DEPR Preparation requires mastering RBI DEPR Syllabus, practicing RBI DEPR Test Series, and analyzing PYQs for success.

RBI DEPR Syllabus Phase-I Exam

RBI DEPR Phase-1 Exam consists of two papers, each of 100 Marks and 2 Hours duration (1) Paper-1: Economics (Objective) (2) Paper-II: English (Descriptive)

RBI DEPR Phase-1 Exam consists of two papers, (1) Paper-1: Economics (Objective) (2) Paper-II: English (Descriptive)

RBI DEPR Syllabus, Paper-I

(Objective Type ; On Economics)

Microeconomics (Theories of consumer’s demand; Production; Market Structures and Pricing; Distribution; and Welfare Economics)
Macro Economics (Theories of Employment, Output and Inflation; Monetary Economics; ISLM Model; Schools of Economic Thought)
International Economics (Theories of International Trade; Balance of Payments; Exchange Rate Models)
Theories of Economic Growth and Development (Classical neo-classical approaches to economic growth and major theories of economic development)
Public Finance (Theories of taxation and public expenditure and Public Debt Management)
Environmental Economics (Green GDP, Environmental Valuation, Environmental policy instruments)
Quantitative Methods in Economics (Mathematical and Statistical Methods for Economics, Ordinary Least Square Regression)
Current Developments in Indian Economy (Growth, inflation, poverty, unemployment, financial sector developments, external sector developments, fiscal developments, agriculture, industry, infrastructure, and services)

RBI DEPR Syllabus, Paper-II

(Descriptive Type, on English)

The paper on English shall be framed in a manner to assess the writing skills including expression and understanding of the topic

RBI DEPR Syllabus Phase-II Exam

RBI DEPR Phase-II Exam consists of two descriptive papers, (1) Microeconomics and Macroeconomics (2) Quantitative Methods and Indian Economy

At RBI DEPR Phase-2, candidates have to appear for 2 descriptive papers, each of 2 hours duration. Both papers will be conducted on the same day.

The RBI DEPR Phase-2 Question paper will be Descriptive in nature. The question paper will be displayed on the computer, and answers to be written on the paper.

RBI DEPR Syllabus Phase-II : Paper-I

At RBI DEPR Phase-II Exam, Paper-I Syllabus covers Microeconomics and Macroeconomics modules.

Equal weightage will be given to Microeconomic and Macroeconomic modules in RBI DEPR Phase-II, Paper-1 Exam.

MICROECONOMICS MODULE

Consumer Theory: Cardinal and Marginal Utility Analysis, Consumer Surplus, Indifference Curve Analysis, Price, Income and Substitution Effects, Game Theory
Production Theory: Forms of Production function; Laws of Returns to Scale; Partial Equilibrium Vs General Equilibrium Analysis
Market Theory: Pricing under different market structures
Distribution Theories: Ricardo, Marx, Kalecki and Kaldor
Welfare Economics: Pareto Optimality, Schools of Welfare Thought including Arrow, Coase and Sen

MACROECONOMICS MODULE

National Income Accounting: Various methods for measurement of National Income
Theory of employment and Output: Classical and Neo-classical approaches, Keynesian theory of Employment and output, Post-Keynesian developments, Business Cycles
Inflation: Types of Inflation, Philip’s curve, Taylor’s Rule, Lucas Critique
Money and Banking: Quantity theory of Money, Neutrality of money, IS – LM Model and AD-AS Models, Money Multiplier, Monetary Policy – Scope, Objectives and instruments, Inflation targeting
Theories of Economic Growth and Development: Theories of growth, Classical and neoclassical approaches, Theories of Economic Development
International trade and Balance of payments: Theories of international trade, Determination of exchange rates, Impossible Trinity
Public Finance: Theories of taxation, Theories of public expenditure, Theories of public debt management

RBI DEPR Syllabus Phase-II: Paper-II

The RBI DEPR Phase-2, Paper-II covers two modules: Quantitative Methods and Indian Economy.

At RBI DEPR Phase-2 Exam, equal weightage is assigned to to both modules, Quantitative Methods and Indian Economy.

Module on Quantitative Methods in Economics

Mathematical Methods in Economics: Differentiation and Integration, Optimisation, Sets, Matrices, Linear algebra and Linear programming
Statistical Methods in Economics: Measures of central tendency and dispersions, Probability, Time series, Index numbers
Econometrics and advanced Applications: Regression analysis, Panel data econometrics, Time Series econometrics, Basics of Bayesian Econometrics, Basic application of Artificial Intelligence/ Machine Learning

Module on Indian Economy – Policy and Trends

Fiscal policy in India: Evolution, scope and limitations, current trends
Monetary Policy in India: Evolution, Functions of the Reserve Bank of India, Monetary-Fiscal coordination, Inflation targeting, Operating framework of Monetary Policy, Current Trends
Banking and financial sector development in India: Banks and other constituents of Indian financial markets and related developments, Current trends
Inflation in India: Trends and drivers
External sector developments in India: Exchange rate management, external debt, Balance of payments, Current trends

RBI DEPR Booklist

To ace the RBI DEPR Exam, follow the recommended RBI DEPR Booklist covering core subjects like Microeconomics, Macroeconomics, Statistics, and Econometrics. RBI DEPR Recommended Booklist is the ideal resource for covering high-probability topics and maximizing your chances of clearing the RBI DEPR Exam.

RBI DEPR Booklist : Microeconomics

Hal R. Varian; Intermediate Microeconomics: A Modern Approach, 9th edition, 2019. The workbook, Workouts in Intermediate Microeconomics, by Hal R. Varian and Theodore C. Bergstrom may be used for problems
Koutsoyiannis; Modern Microeconomics, International Edition
E. Ferguson and J.P. Gould; Microeconomic Theory

RBI DEPR Booklist : Macroeconomics

Dornbusch, Fischer and Startz; Macroeconomics, McGraw Hill, 13th edition, 2018
Olivier Blanchard; Macroeconomics, Pearson Education, Inc., 8th edition, 2021
Brian Snowdon and Howard R. Vane; Modern Macroeconomics: Its Origin, Development and Current State, Edward Elgar Publishing Ltd, 2005

RBI DEPR Booklist : International Economics

Paul R. Krugman, Maurice Obstfeld and Marc Melitz; International Economics: Theory and Policy, Pearson Education, 12th edition, 2022
Dominick Salvatore; International Economics: Trade and Finance, Wiley, 11th edition, 2014

RBI DEPR Booklist : Public Finance

Richard A. Musgrave and Peggy B. Musgrave; Public Finance in Theory and Practice, McGraw Hill, 5th edition, 2017
Stiglitz, J.E. and Jay K. Rosengard Economics of the Public Sector, W.W. Norton & Company, 4th edition, 2015

RBI DEPR Booklist : Growth and Development

P. Thirlwall; Economics of Development: Theory and Evidence, Macmillan, 9th edition, 2011
Debraj Ray, Development Economics, Oxford University Press, 2009
Basu, K., Analytical Development Economics, The Less Developed Economy Revisited, MIT Press, 2003

For Phase – II (Paper II – Modules on Quantitative Methods in Economics and Indian Economy)

RBI DEPR Booklist : Mathematical Methods in Economics

Simon, Carl P. and Lawrence Blume; Mathematics for Economists, W. W. Norton & Company, Inc., 1994
Kevin Wainwright and Alpha C. Chiang; Fundamental Methods of Mathematical Economics, 4th edition, McGraw-Hill, 2005

RBI DEPR Booklist : Econometrics

N. Gujarati and D.C. Porter; Essentials of Econometrics, McGraw-Hill, 4th edition, International Edition, 2010
Wooldridge, J.M; Introductory Econometrics: A Modern Approach, Cengage Learning, 7th edition, 2022

RBI DEPR Booklist : Statistics

G. Das; Statistical Methods, McGraw-Hill, 2008
Miller, I., Miller, M.; John E. Freund’s Mathematical Statistics with Applications, 8th edition, Pearson, 2021

RBI DEPR Booklist : Indian Economy

Economic Survey, Government of India, Various Issues
India Development Report, Oxford University Press, Various Issues
Uma Kapila, Indian Economy since Independence, Academic Foundation, Various Issues.
RBI Annual Report – Last two years
RBI Report on Trends and Progress of Banking in India – Last two years
Monetary Policy Reports – Last two years
Financial Stability Report – Last two years

All About RBI DEPR Exam

What is RBI DEPR Exam?

The RBI DEPR Exam is a highly prestigious and competitive examination conducted by the Reserve Bank of India (RBI) to recruit economics specialist Grade B Officers specifically for its Department of Economic and Policy Research (DEPR).

RBI DEPR Exam eligibility condition requires a Master’s degree in Economics or Finance, with the specified minimum percentage of marks.

RBI DEPR is a specialized department within the RBI. Its primary function is to conduct in-depth economic analysis and research on the Indian economy, provide insights into macroeconomic and financial matters, and contribute significantly to the formulation of economic policies.

Candidates who top the RBI DEPR Exam are selected for the prestigious Manager (Grade B) position in the Department of Economic and Policy Research (DEPR) at India’s Central Bank. This role is highly coveted due to its direct impact on India’s monetary policy, financial stability, and economic reforms.

How Many Candidates appear for RBI DEPR Exam?

Around 2,000 candidates appear for the RBI DEPR Phase-1 Exam.

RBI DEPR Best Coaching and Test Series

For the RBI DEPR best coaching and test series, Testonomics is highly recommended by RBI DEPR toppers. Their expert guidance, structured study material, and high-quality test series align perfectly with the RBI DEPR exam pattern, helping aspirants maximize their preparation and success rate. Many past RBI DEPR qualifiers have credited Testonomics for their success, making it a top choice for serious RBI DEPR aspirants.

RBI DEPR Syllabus PDF Download