For aspirants preparing for the RBI DEPR Interview, Indian Economic Service (IES) Interview, or any other economics-based recruitment interview, previous years’ interview transcripts are truly invaluable. They provide rare, real-world insights into the types of questions asked, the thought process behind successful answers, and the overall interview experience. Unfortunately, such transcripts are still in short-supply, for various reasons.. That’s why we encourage selected candidates to share their interview transcripts – your experience could guide and inspire aspirants even a decade from now. And years later, you might enjoy revisiting your own transcript as a treasured memory of your journey.
RBI DEPR 2024 Interview Transcript
Candidate Name: Saurabh Sharma
Background: Bachelor’s and Master’s in Economics (dual degree) from IIT Kanpur (2022 passed)
Result : (Rank-1 Overall) Recommended / Selected
Hi, I’m Saurabh Sharma. I qualified the Grade-B (DEPR) exam in 2024 (my 2nd serious attempt). I appeared for the DEPR’23 interview as well and was off the merit list (34 recommendations in 2023) by less than 1.5 marks. Fortunate to see my roll number in the merit list in RBI DEPR 2024 Exam (16 recommendations). This year, my interview was on 21 Jan 2025 (11 AM was reporting time), at RBI Delhi Office. There were 13 candidates scheduled for that day, mine was 8th and 2nd post-lunch.
In 2023, my interview was around 23 minutes long – but it was almost double this year. I entered the board room at 3:15 PM and came out at 4:00 PM. The previous year, they were just touching the topics from the surface, but this time, they were grilling. All the members spent time asking some good quality reasonable questions and were baffling/puzzling candidates with their 2nd order cross-questions.
Embarrassment : I took a flight from Mumbai (~27C) to Delhi (~11C), so didn‘t forget to take winter protection. I entered the room and started sweating after 5 mins. Chairman noticing me drenched in sweat, mocked – “Saurabh to lagta hai nervous ho rhe hain.., bahut paseena aa rha hai”… I replied – “Sir, I was actually not aware of the heater in the room, and came wearing 3 layers, so…..”. They laughed… asked me to use the tissues kept beside me and continued the interview.
Above all, the experience was very good. The panel was cordial. They were trying to puzzle me out, but were giving hints, directions and helping me with the final answer if got stuck. In 2023, I scored 60/75 in the interview. This year, I scored 55/75 (55 is the second-highest this year, awarded to 3 candidates. Highest Interview marks are 61/75 this year, awarded to one candidate)
Here’s the transcript –
(read it like – we’re having a conversation)
Chairman: Mr. Sudhir Shrivastava
After looking at my biodata, the Chairman exclaimed, “Ohh, IIT Kanpur…. like I have interviewed 100s candidates from IIT, but all have forgotten math, do you remember math?
I replied – “Sir, I do remember core concepts and the ones used in my day-to-day work. For others, even if I have forgotten, I can quickly re-study and use them.”
Some famous economics Professors from IIT Kanpur?
I named few.
From biodata: What type of research work you do? (was related to my current job profile)
Me – Answered (answer talked about HCES, so my discussion switched to M1)
M1 – HCES & FSR
Recent findings of the report?
Answered
What did you study in Econometrics?
I told sir – CLRM, their violations, and time series
He asked – you worked on GSDP predictions, where GDP is one of the explanatory variable. Now, there are GDP revisions that NSO does, which error does it lead to?
Firstly, I appreciated the quality of questions he asked, then thought of answer. With his help, came to answer of Inconsistency.
Whether the sum of states GSDP, equals GDP of India?
A good question – I said YES, but they quickly said, NO. It doesn’t. Some expenditure of centre would not be part of sum, so will not be equal.
Have you read the recently released FSR? Comment on Banking industry and situation
I said – “Sir, it was on reading list, but I could not read it completely, But please allow me answer this question from whatever I could read”… and then answered.
M2 – Rupee Movement
What has been done recently by RBI to promote/support internationalization of Rupee?
“Sir, RBI has taken several initiatives to increase Rupee’s presence abroad, like Project Nexus, integration of fast-payment systems, Rupee-dominated bonds etc..”
He said, no, no… Just recently taken new initiatives?
I said, “sorry, sir. I’m not aware of it”
Why has been rupee depreciating?
I answered.
Which is a better metric of rupee’s worth? Nominal ExRate, or Real ExRate?
I answered – that both has their importance, used the NEER and REER concepts to ans, inflation adjustment etc…
how do you expect the nominal and real exchange rate to move? Appreciate or depreciate?
Good question – I answered that nominal will depreciate (would happen because of Trump and uncertainty) while real will appreciate.
He got me on this… are you sure that real will appreciate? Then he gave me some explanation & hints to correct me.
I took some time, and used crawling peg exchange rate concept to somehow arrive at – that they’ll both move in same direction (finally they were convinced)
M3 – Job
How did you predict GSDP (current job)
Answered.
2 Cross questions based on this…
What did you work on, as associate data scientist? (previous job work)
Answered.
Commented something on AI/ML and practical usage on Banking, if safe or not… Since, he didn’t wait for me to answer; then I understood it was just a comment. (LOL)
SBI is known as the indicator of economic health. Which parameters would you look within SBI to take a stock of economic health?
Was a very good question – Being a biggest PSB, I started, I would look at Gross NPAs, profit conditions, capital buffer ratios – gives me the idea of health of banking sector in general, and thus the financial sector.
What else, they asked?
I said, Sir… umm… savings & deposits rate (taken cue from declining deposits growth rate)
They said… ..and what else?
I was doing ummm….. Then they answered, “are… sectoral credit lending, which sectors are demanding more, where slippages are more, liquidity needs etc…”
M4- Mix
What is Anti-cyclical Capital Buffers?
I politely said, I’m not aware of it sir. But, please allow me to decipher the meaning of it from its name – then I tried to come up with some definition, but it was wrong, Chairman corrected me.
What is the issue with savings rate?
I mixed up the numbers of savings rate, they said, please go and check the numbers
What are the pros and cons of falling savings rate?
I answered …. Chairman interrupted and wanted me to answer as simple as – that fallings savings rate leads to low growth (he hinted growth models)
What are your opinions on RBIs intervention in the forex market?
I believe that was the BEST answer of my interview. I spoke non-stop for around 2 mins and covered all aspects – finally concluding on a positive note that RBI has worked very well to stabilize the rupee. (reading BS helped 😊)
Lady Member – Asked on Surveys
what type of survey RBI conducts?
Answered.
Do you remember what is the output of the latest surveys?
Answered partially.
Suppose, you want to conduct a survey, any one area where you want to conduct it? Something new would be good
I’d survey to measure the use of UPIs in tier-2/tier-3 cities. (Chairman was happy with this answer)
How would you carry out the survey study, tell me the steps that you’ll do.
I replied – select an area of study, do some background research, select a sample, etc…
(She wanted me to come to the point that – if there’s a large survey study, then it can be outsourced to a third party)
Chairman Interrupted – I want to have some data on the informal sector. Where can I find that?
Recently, I read in the newspaper, copied the same – “Sir, Annual Survey of Unincorporated Enterprises, available on MoSPI (he cheered, I thought like he wanted to hear MoSPI from me)
_________________
Chairman (in the end) – Some 2 or 3 questions based on Biodata
Thank you, you can go now…..
Note : Saurabh Sharma was enrolled RBI DEPR Phase-1 Test Series and RBI DEPR Phase-2 Test Series and Interview Guidance Programme 2024 (Paid) with Testonomics, for RBI DEPR Exam preparation !
At Testonomics, we believe in complete transparency when publishing interview transcripts. We clearly state whether a candidate was enrolled in any of our RBI DEPR Coaching or RBI DEPR Test Series before selection. Since 2021, we have consciously avoided any form of misleading marketing. On our Toppers at Testonomics page, you’ll find clear and honest details of the specific courses each successful candidate attended. This way, readers know exactly what role, if any, our programs played in their preparation.
Whenever you are recommended / selected for any Economics-specialist recruitment exam, we request you and encourage you to publish your Interview Transcript at Testonomics.
