RBI DEPR Interview Transcript: Amogh Sangewar

Hi, I’m Amogh Vishal Sangewar. I qualified the RBI Grade-B (DEPR) 2025 examination in my first attempt. My interview was held on 23rd March 2026 in the first half. I was the second candidate of the day. The interview lasted for around 45 minutes, which was quite long compared to the average duration.

I’m sharing my interview transcript for the benefit of those preparing for the RBI Grade-B (DEPR) interview.

M1: Chairman

Introduced himself and asked me for my introduction. A few follow-ups about my educational background and my previous job.

M2: Import Dependency

Sir: Which areas of economics do you like the most?

Me: Sir, Macroeconomics and Econometrics.

Sir: Okay, Macro. Tell me, what is the import dependency India should be most concerned about today?

Me: Petroleum, sir, because a major part of our import bill consists of it, and current geopolitical tensions and the West Asia crisis would affect the same even further.

Sir: Okay. Something else?

Me: Sir, fertiliser imports would also be affected.

Sir: No, not related to the ongoing war and everything. Something else for which India is hugely dependent, mainly on China?

Me: (I got confused) Sir, I can’t recall at the moment.

Sir: Something related to renewable energy?

Me: Sir, India depends hugely on China for solar equipment.

Sir: Which parts? Tell me exactly.

Me: (At this point, I started feeling nervous) Sir, I’m not aware.

Sir: Okay, thanks, Amogh (probably expecting solar cells or something more specific).

M3: Research Experience and NPAs

Sir: You’ve done research on NPAs in India. What exactly did you look for?

Me: I used econometric models to assess the role of macroeconomic and bank-specific factors behind high NPAs in India until 2020.

Sir: Why use data only up to 2020?

Me: Sir, I worked on this during my undergrad, so I had data only up to that point.

Sir: Okay, what did you find?

Me: (I explained my findings in detail. Had learnt the paper’s abstract by heart.)

Sir: What is the current NPA situation?

Me: Sir, they’ve significantly reduced in the past few years (mentioned a few stats from FSR).

Sir: Why have they reduced?

Me: (Briefly spoke about IBC, 4R strategy, ARCs, etc.)

M4: NBFCs

Sir: Have you included NBFCs in your data?

Me: Yes, sir. Not separately, but I’ve used aggregate GNPA and NNPA data, which inherently included NBFCs.

Sir: Explain the balance sheet of NBFCs.

Me: (I wasn’t exactly aware of this, so mentioned a few things drawing from my general understanding.)

Sir: What is their source of funds?

Me: I’m not exactly sure, sir, but borrowing from banks could be one source.

Sir: What about the bond market?

Me: Yes, sir, the bond and money markets are also viable sources.

Sir: Why do we need NBFCs?

Me: Sir, they’re required for last-mile reach of credit in rural areas and financial inclusion, to meet our long-term vision of Viksit Bharat.

M4: Viksit Bharat

Sir: Explain Viksit Bharat. At what rate does India need to grow to achieve it?

Me: Sir, Viksit Bharat is the long-term vision of the Government of India to make India a 30 trillion dollar economy by 2047. In terms of growth rate, sir, India needs double-digit growth rates to achieve this (had read a random article before which mentioned this stat. I realised later that it was not correct).

Sir: Are you sure? (Everyone seemed surprised. I nodded.)

Sir: Show the calculation on paper (pointed towards a diary and pen kept beside me).

Me: (I was quite nervous seeing their reactions. I took the pen and started scribbling.)

Sir: Walk us through your calculations as well.

Me: (I couldn’t derive the rate exactly, so explained the overall procedure verbally.) Sir, currently India’s GDP is around 4 trillion dollars. We can use the doubling time formula again and again to see how much time it’d take to reach the 30 trillion mark with a growth rate of, say, 12 percent, and then adjust the rate based on our calculation (could not actually calculate the exact rate).

Sir: Check later whether two-digit growth is required or not.

Me: Yes, sir (extremely embarrassed).

M5: Monetary Policy

Madam: Given the current situation, what, according to you, should be RBI’s position regarding monetary policy?

Me: (In the pressure, I misunderstood and said something about forex reserves management. The chairman looked quite disappointed. Ma’am repeated.) I’m asking monetary policy.

Me: (Apologised and corrected myself) I believe RBI should have an expansionary view given the potential loss in growth due to the ongoing geopolitical uncertainties.

Madam: (Ma’am stopped me.) But don’t you think we should wait for another policy cycle and keep a neutral stance and see how the prices will move?

Me: Yes, Ma’am, we also need to think of inflationary pressures. (Ma’am smiled and pointed out that I was changing my answer.)

M1: Growth Models

Sir: Name a few growth models you know? (I mentioned some.)

Sir: What is the Solow model?

(Asked many follow-up questions, including the role of savings, returns to factors and so on, which I mostly answered.)

Finally, Chairman sir said thank you. I greeted them back and left.