RBI Grade B DEPR 2027: Exam Dates, Eligibility, Exam Pattern, Complete Syllabus and Strategy
RBI Grade B DEPR 2027 recruits economics research officers for RBI's Department of Economic and Policy Research. The tentative calendar has the notification in February 2027, Phase-I in April 2027 and Phase-II in May/June 2027. You need an MA/MSc in Economics or Finance with 55%, with the subject making up at least half your courses. There are 4 papers worth 400 marks (objective economics, an English essay and two handwritten economics papers) plus a 75-mark interview, and all of them count in the final merit. PY 2026 had 10 DEPR posts.
RBI Grade B 2027 tentative schedule (RBI recruitment calendar, as on 22.10.2026, for Officers in Grade 'B' (DR) General/DEPR/DSIM)
| Stage | Month |
|---|---|
| Notification (online application opens) | February 2027 |
| Phase-I examination | April 2027 |
| Phase-II examination | May / June 2027 |
| Interview and final result | After Phase-II results (dates to be announced) |
These are month-level tentative dates. Exact dates for each cadre and paper will be in the February 2027 notification and the admit cards. In 2026, DEPR Phase-I (both papers) and Phase-II were each held on a single day.
RBI Grade B DEPR 2027: Overview
| Particular | Details |
|---|---|
| Post | Officer in Grade 'B' (DR) DEPR (Department of Economic and Policy Research), Panel Year 2027 |
| Notification | February 2027 (tentative) |
| Phase-I | April 2027: Paper-I Objective Economics + Paper-II English descriptive |
| Phase-II | May / June 2027: two descriptive Economics papers (written on paper) |
| Total marks | 400 written + 75 interview = 475 |
| Final merit | Phase-I + Phase-II + Interview (all count) |
| Vacancies | To be announced (PY 2026: 10) |
| Qualification | MA/MSc in Economics or Finance (or allied) with 55% |
| Age limit (expected) | 21 to 30 years as on 01 April 2027 (+2/+4 for M.Phil/Ph.D) |
| Starting basic pay (PY 2026) | ₹78,450 (gross about ₹1,54,936 per month without HRA) |
RBI Grade B DEPR 2027 Exam Date vs 2026
| Stage | 2026 (actual) | 2027 (tentative) |
|---|---|---|
| Notification | 29 April 2026 | February 2027 |
| Phase-I | 14 June 2026 | April 2027 |
| Phase-II | 26 July 2026 | May / June 2027 |
| Gap: notification to Phase-I | About 6 weeks | About 2 months |
Because every DEPR paper counts in the final merit, the shorter gap between the phases matters less than for General: what matters is that you are ready for all four papers by April. Treat Phase-I and Phase-II as one continuous economics exam.
What Does an RBI Grade B DEPR Officer Do?
According to the notification, DEPR officers mainly undertake economic analysis and research and contribute to policy formulation, and also compile data on selected sectors. DEPR's work feeds RBI's monetary policy, the Annual Report, the Report on Currency and Finance, the RBI Bulletin and working papers, making it a central-bank economist's research track.
RBI Grade B DEPR Vacancy 2027
To be announced in February 2027. For reference, PY 2026:
| UR | EWS | OBC | SC | ST | Total | PwBD |
|---|---|---|---|---|---|---|
| 4 | 1 | 1 | 3 | 1 | 10 | Nil |
RBI Grade B DEPR 2027 Eligibility
Essential qualification (PY 2026 rule)
- (a) MA/MSc in Economics or Quantitative, Mathematical, Applied, Financial, Business, Agricultural, Industrial, Development or International Economics, or Econometrics, where Economics is the principal constituent; or
- (b) MA/MSc in Finance or Quantitative Finance, Mathematical Finance, Quantitative Techniques, International Finance, Business Finance, Banking and Trade Finance, International and Trade Finance, Corporate Finance, Project and Infrastructure Finance or Agri Business Finance, where Finance is the principal constituent.
- Minimum 55% as an aggregate of all semesters (50% for SC/ST/PwBD), from a recognised Indian or foreign university.
Desirable
A Ph.D in Economics, research or teaching experience in economics, or publications in standard economics journals.
Age limit 2027 (expected)
Age limit: In the 2026 cycle candidates had to be 21 to 30 years old on 01 April 2026 (born 02 April 1996 to 01 April 2005). If RBI keeps the same rule for 2027, the cut-off date would be 01 April 2027, meaning born between 02 April 1997 and 01 April 2006. This is our projection; confirm it in the February 2027 notification.
| Category (PY 2026 rules) | Relaxation |
|---|---|
| SC / ST | 5 years |
| OBC (Non-Creamy Layer) | 3 years |
| PwBD (Gen/EWS / OBC / SC-ST) | 10 / 13 / 15 years |
| Ex-servicemen, ECOs/SSCOs (5 years' service) | 5 years |
| M.Phil / Ph.D in Economics | 2 / 4 years |
| Master's + research/teaching experience in Economics | Years of experience, max 3 (probation not counted) |
The M.Phil/Ph.D and experience relaxations cannot be combined with the category relaxations.
RBI Grade B DEPR Exam Pattern 2027
| Phase | Paper | Mode | Duration | Marks |
|---|---|---|---|---|
| Phase-I (Apr 2027) | Paper-I: Objective (Economics) | Online MCQ | 120 min | 100 |
| Phase-I (Apr 2027) | Paper-II: English (Descriptive) | Typed on keyboard, English only | 120 min | 100 |
| Phase-II (May/Jun 2027) | Paper-I: Descriptive Economics (Micro + Macro) | Question on screen, answers on paper | 120 min | 100 |
| Phase-II (May/Jun 2027) | Paper-II: Descriptive Economics (Quant Methods + Indian Economy) | Question on screen, answers on paper | 120 min | 100 |
| Interview | Personal interview (Hindi or English) | In person | 75 | |
| Total | 475 |
Shortlisting for Phase-II is based on the aggregate of Phase-I Papers I and II. Unlike the General cadre, every DEPR paper counts in the final merit, so the English essay is worth as much as each economics paper. Physical calculators are not allowed. Phase-II economics answers may be written in Hindi or English.
RBI Grade B DEPR Syllabus 2027
As per the official PY 2026 syllabus; check it against the 2027 notification.
Phase-I Paper-I: Objective Economics
| # | Area | Coverage |
|---|---|---|
| 1 | Microeconomics | Consumer demand, production, market structures and pricing, distribution, welfare economics |
| 2 | Macroeconomics | Employment, output and inflation; monetary economics; IS-LM; schools of economic thought |
| 3 | International Economics | Trade theories, balance of payments, exchange rate models |
| 4 | Growth and Development | Classical and neo-classical growth; major development theories |
| 5 | Public Finance | Taxation, public expenditure, public debt management |
| 6 | Environmental Economics | Green GDP, environmental valuation, policy instruments |
| 7 | Quantitative Methods | Mathematical and statistical methods, OLS regression |
| 8 | Current Indian Economy | Growth, inflation, poverty, unemployment, financial, external and fiscal developments, agriculture, industry, infrastructure, services |
Phase-I Paper-II: English (Descriptive)
Tests writing skill, expression and understanding of the topic. Typed, English only, 120 minutes.
Phase-II Paper-I: Microeconomics and Macroeconomics (equal weight)
| Module | Topic | Official coverage |
|---|---|---|
| Micro | Consumer Theory | Cardinal and marginal utility, consumer surplus, indifference curves, price/income/substitution effects, game theory |
| Micro | Production Theory | Forms of production function, returns to scale, partial vs general equilibrium |
| Micro | Market Theory | Pricing under different market structures |
| Micro | Distribution | Ricardo, Marx, Kalecki, Kaldor |
| Micro | Welfare Economics | Pareto optimality; Arrow, Coase and Sen |
| Macro | National Income Accounting | Methods of measuring national income |
| Macro | Employment and Output | Classical, neo-classical, Keynesian, post-Keynesian; business cycles |
| Macro | Inflation | Types, Phillips curve, Taylor rule, Lucas critique |
| Macro | Money and Banking | Quantity theory, neutrality of money, IS-LM, AD-AS, money multiplier, monetary policy instruments, inflation targeting |
| Macro | Growth and Development | Classical and neo-classical growth; development theories |
| Macro | International Trade and BoP | Trade theories, exchange rate determination, Impossible Trinity |
| Macro | Public Finance | Taxation, public expenditure, public debt management |
Phase-II Paper-II: Quantitative Economics and Indian Economy (equal weight)
| Module | Topic | Official coverage |
|---|---|---|
| Quant | Mathematical Methods | Differentiation, integration, optimisation, sets, matrices, linear algebra, linear programming |
| Quant | Statistical Methods | Central tendency, dispersion, probability, time series, index numbers |
| Quant | Econometrics and Applications | Regression, panel data, time-series econometrics, basics of Bayesian econometrics, basic AI/ML applications |
| Indian Economy | Fiscal Policy | Evolution, scope, limitations, current trends |
| Indian Economy | Monetary Policy | Evolution, RBI functions, monetary-fiscal coordination, inflation targeting, operating framework |
| Indian Economy | Banking and Finance | Banks and other financial market constituents, recent developments |
| Indian Economy | Inflation in India | Trends and drivers |
| Indian Economy | External Sector | Exchange rate management, external debt, BoP |
| Indian Economy | Sectoral | Agriculture, industry, services, social sector |
RBI Grade B DEPR 2027: economics test series and notes
Objective economics mocks, model answers for micro, macro and econometrics questions, and an Indian-economy data bank, ready before Phase-I in April 2027.
Explore Test Series & NotesSalary and Career in DEPR
DEPR officers get the same pay as other Grade B officers. In PY 2026 that was a ₹78,450 basic (scale ₹78450 to ₹141600) and about ₹1,54,936 gross per month without HRA. A Ph.D, research experience or publications can earn up to 4 advance increments, claimed at the interview stage. Selected candidates join the DEPR cadre, which has its own seniority line.
Recommended Books for RBI Grade B DEPR
| Area | Standard texts |
|---|---|
| Microeconomics | Hal Varian Intermediate Microeconomics; Koutsoyiannis Modern Microeconomics |
| Macroeconomics | Mankiw Macroeconomics; Dornbusch, Fischer & Startz; Blanchard |
| International | Krugman & Obstfeld International Economics |
| Growth and Development | Debraj Ray Development Economics; Thirlwall |
| Quant and Econometrics | Gujarati Basic Econometrics; Chiang Fundamental Methods of Mathematical Economics |
| Indian Economy | RBI Annual Report, Monetary Policy Reports, Economic Survey, Union Budget 2027-28, RBI Bulletin |
These are widely used standard texts; RBI does not prescribe a DEPR reading list.
DEPR 2027 Preparation Timeline
| Window | Focus |
|---|---|
| Nov to Dec 2026 | One deep pass through micro, macro, international and public finance (covers Phase-I and Phase-II Paper-I) |
| Jan 2027 | Mathematical and statistical methods, econometrics, basic ML; start handwritten answers |
| Feb 2027 | Apply; Union Budget 2027-28 and Economic Survey; India data sheet |
| Mar 2027 | Objective mocks; one English essay a week; two handwritten answers a day |
| Apr 2027 | Phase-I exam |
| May / June 2027 | Timed Phase-II mocks; revise derivations, diagrams and current trends |
- Write by hand: Phase-II answers are on paper. Practise derivations, IS-LM and AD-AS diagrams and game-theory payoff matrices under time pressure.
- Build an India data sheet: GDP growth, CPI inflation, the repo rate path, fiscal and current account deficits and forex reserves, to quote in Paper-II answers.
- Don't neglect English: it is 100 of the 400 written marks and counts in the final merit.
- Add basic ML: the syllabus includes basic AI/ML applications in econometrics, so know regularised regression, classification and cross-validation conceptually.
RBI Grade B DEPR 2027: Frequently Asked Questions
When is the RBI Grade B DEPR 2027 exam?
Phase-I is tentatively in April 2027 and Phase-II in May/June 2027. The notification is expected in February 2027, as per RBI's recruitment calendar (as on 22.10.2026).
How many vacancies are there in RBI Grade B DEPR 2027?
They will be announced in February 2027. PY 2026 had 10: UR 4, EWS 1, OBC 1, SC 3 and ST 1.
Who is eligible for RBI Grade B DEPR?
Based on 2026: an MA/MSc in Economics or Finance (or listed allied subjects) with at least 55% (50% for SC/ST/PwBD), where Economics or Finance makes up half or more of all courses, including electives.
Can MBA Finance graduates apply for RBI DEPR?
The 2026 notification asks for an MA/MSc in Finance or allied courses where Finance is the principal constituent. An MBA is not named, so eligibility depends on equivalence and the principal-constituent rule. Confirm with RBI.
What is the RBI Grade B DEPR exam pattern?
Phase-I: Objective Economics (100) and typed English descriptive (100). Phase-II: two descriptive economics papers of 100 marks each, written on paper. Interview: 75 marks. Total: 475.
Are Phase-I marks counted in DEPR final selection?
Yes. DEPR final selection is based on Phase-I, Phase-II and the interview taken together.
Is AI or machine learning part of the DEPR syllabus?
Yes. Phase-II Paper-II lists basic applications of Artificial Intelligence and Machine Learning under econometrics and advanced applications.
What age relaxation do M.Phil and Ph.D holders get in DEPR?
2 years for an M.Phil and 4 years for a Ph.D in economics. Master's holders with research or teaching experience get a relaxation equal to their years of experience, up to 3 years.
Other RBI Grade B 2027 Guides
RBI Grade B 2027: All Cadres
Dates, vacancies, eligibility, age, salary, fee and exam pattern compared across General, DEPR and DSIM.
RBI Grade B General 2027
Any-discipline graduates. Phase-I GA, English, Quant, Reasoning; Phase-II ESI, English, Finance & Management.
RBI Grade B DSIM 2027
Statistics, Maths, Econometrics, Data Science, AI or ML. PG-level statistics, ML and SQL.