My tryst with RBI – Shubham Goel,

AIR 8, RBI Grade B 2019

An average's road to brilliance.

There have been requests by many people to write about my journey, about my failures
and how I was able to cope up with it.

Disclaimer:

This is going to be a long post and I want it to be so. Please bear with me. For this one
piece.

(If you want to see the strategy, you can directly jump to page 7.)
____________________________________________________________
You will find many success stories of candidates who have cracked the exam.
"They are posted everywhere across the internet. Read them and get motivated and have
full sense of optimism. But, let me answer the "other side" of the coin. How I tackled with
the failures."
I would like to list some of the failures. Yeah, the so-called fall from grace, some ups and
a lot of downs.
Let's begin:
● SBI PO 2015 - Final list
● RBI Grade B 2016- Mains

● RBI Grade B 2017- Interview

● RBI Grade B 2018 - Interview
● NABARD Grade A 2018 – Mains
● SEBI Grade A 2018 – Interview
● NABARD Grade B 2019 - Interview

● NABARD Grade A 2019- Final list

● RBI Grade B 2019 – Final List

If you haven't figured it out yet, this is the Story of Mr. Average.
I have been average all my life. Average school, average place, average marks, average
college everything was average.

Shubham Goel - RBI

On February 20, 2019, last year, I remember explicitly, RBI declared that I could not clear
the RBI Grade B (DR) 2018 examination. It was my third attempt at the RBI and second
interview.
I thought this was it. I was broken, I went numb, and it was like someone struck my head
with a hammer making me unconscious. I was home that time, for a week break from my
very hectic office, my mom sat just besides me unknown of what has happened. My tears
start rolling down my face with an unbroken stream. The immediate thought was maybe
I overestimated my marks in ESI & FM, maybe as always it was English that created the
mess or maybe it was the sub-par interview. Maybe the combination of all these three.
Pessimism loomed large, maybe this is not meant for me, I said to myself.
Maybe I am not good enough for RBI. Maybe my clearing mains was all luck and I do not
deserve it. Maybe I will always remain average.

Days passed. I eagerly looked forward to my mark sheet to see where I missed. The mark
sheet arrived finally in March 2019.
The scores read as follows:
ESI – 74,
FM – 80,
English – 60,
Interview – 27.
My total was 241, the cutoff for UR was 248.50. My marks in ESI FM were comparable
to those who cleared RBI 2018. I had below par score in English and Interview. It was
English and Interview which spoiled me chances in 2017.
And the same saga repeated again.

We humans have this inherent tendency to blame the failures to the external factors.
The so-called self-serving bias (cognitive or perceptual process that is distorted by the
need to maintain and enhance self-esteem, or the tendency to perceive oneself in an
overly favorable manner) in management terms.

String of external attribution followed. The reasons I gave to myself for all the failures-
the panel didn’t ask me questions on my profile, the panel was biased, and IBPS doesn’t
know how to check English etc. I did just enough to satisfy my self-esteem. It really made
me feel better. Just for the time-being.

Shubham Goel - RBI

But what it also does is, it acts as a hindrance to self-improvement. Somewhere deep down
I knew, that it was my fault, I was not up to the mark, the others were better than me, I
need to put in extra efforts, the problem was intrinsic rather than extrinsic.
And I worked on my Achilles heel: English and interview, one essay at a time, one
economy concept at a time. Slowly and steadily I felt those lacunae being filled.

And at last, after the end of 2.5 exhausting years and 3 attempts, there I was. As we say in
physics, I have travelled a lot of distance but the displacement was zero. I was in the same
situation, if not worse. But even after failing in RBI 2018, there was a ray of hope. The
proverbial silver linings as they say.
The same year I had taken the interview for SEBI Grade A 2018. The interview went
exceptionally well. I was very hopeful of clearing the exam. But again, all the result PDF
had was for me was disappointment. A state of shock.
I could not make it. The marks came, I missed the UR cutoff by a meagre 0.40 marks. I
was totally devastated. Went into a tizzy. Chills down my spine, I felt paralyzed that very
moment.
All the negative thoughts kept screaming inside my mind. All over again. It shook me to
the core. This failure was even bigger than that of RBI because it was my last ray of hope
to get out of my current demanding job. It was the second lowest point in my life the first
being the one in 2013 where I lost the most precious gem of my life, my father.

The failure took a toll on my health. It eroded the confidence and morale in me. The faith
I had in me started fading away. The failures hurt me both personally and professionally.
I became socially recluse, unwilling to talk to anyone.
After so much of struggle, hard work and sacrifices we make for these exams, the exams
take the center stage, our bread and butter. Selection in the exams become our only
motive and objective. Everyone else really takes a back-seat. So, when we are defeated in
this exam, we almost feel defeated in life. And so it was with me. It convinced me that I
am, and will always be, Mr. Average.
After some days the pain subsided to an extent. I tried to stabilize myself, thinking about
the future course of action. I was throughout supported by my family and my friends.
They helped instill in me that lost confidence again.
And then I rose again:
The conviction that I had was substantiated by the fact that I was able to reach the
interview stage of almost all the exams I sat for. It was only the last mile that’s needed to
be conquered. Only one final push. All endeavor calls for the ability to tramp the last mile,

Shubham Goel - RBI

shape the last plan, endure the last phase toil. The last mile when your legs are tired, lungs
are burning, is when you need to run faster than ever.
An opera singer uses her powerful voice to shatter glass. The initial voice by the singer
will make the glass vibrate but the glass will break when ended with a powerful high note.
Going all in:
It was then I realized that it would be very difficult to take another loss. Moreover, it was
almost impossible to study after my 9-9 Job. In May 2019, the notification of NABARD
Grade A & B 2019 was out. It was then I decided to risk it all. It was then I decided to quit
my job. It was a very tough decision for me to make. With age slipping out of my hand I
considered it as a right time for the decision.

I talked to many friends who has left the job in the past and succeeded. They persuaded
me to go ahead with my decision. My family was in full support of me and welcomed me
home with open arms. Such was the reception, as if I have conquered something, achieved
a big feat. No one apart from my family and close friends knew that I decided to quit my
job.
I had sleepless nights after I put in my papers and serving the notice period. It was the
phase of uncertainty and incertitude. I used to go to office, fully engross myself with work
and when I come home I kept on studying till I am no longer able to keep my eyes open.
I vividly remember that I asked my elder sister like colleague, “Mam before going I want
to gift you something, what you want.” What she said was heart-warming, She said “Sir
tussi na Jao”. This was when I got emotional, my soul-stirred and went speechless. I
realized that it is not the salary that I earned but also the admiration and commendation
of people near to me.
I decided not to serve the whole notice period and get relieved on 27 May 2019. That
would have given me a good 15 days to study for prelims. But due to some administrative
issue I could only be relieved by end June. As the final relieving date came near I became
more and more restive, nervous and fidgety. I was full of doubts.
What if I am unable to clear any exam in say, next 3 years? Am I over-estimating myself?
Am I being over-ambitious? Maybe I should be happy with what I have and get settled. I
kept on pondering about these things over and over again. But there was no going back. I
kept my voyage moving at a brisk pace.
As Dan Brown in his book Inferno pens down “When swimming into a dark tunnel, there
arrives a point of no return when you no longer have enough breath to double back.
Your choice is to swim forward into the unknown....and pray for an exit”.

Shubham Goel - RBI

Fast forward

Came the prelims exam of NABARD Grade A and B on June 15&16 2019 respectively. For
the first time I was under pressure for prelims. A lot was at stake. The exam was easy and
I went all guns blazing. The instantaneous feeling after coming from the exam hall for
both these exams (Grade A & B) was positive. I knew that I would clear the prelims. So
there I was, failed at every major exam I took for the last 3 years, about to get jobless, and
waiting for NABARD prelims result.
The point of no-return
The day of reliving came, my last day at SBI. My last day was tougher than I ever thought
it to be. There was a farewell program that was arranged for me. The people usually say
good things about you.
Everyone said good things about me, I don’t know if they were true or not, but it felt really
good. Maybe Marlow's social and esteem needs at play. :D
At last I was asked to speak. I am usually comfortable at public speaking but that day my
body was shivering, my voice quivering, choking with every sentence I spoke. I don’t know
whether it was the pain of missing the people I am leaving behind, the fear of leaving the
job or the nervousness of the uncertain, unpredictable and unforeseeable odyssey into the
future.
The result for prelims came and as expected I got through both NABARD Grade A & B. It
was just 20 odd days left for mains by the time.

Dreams that don't let you sleep

I packed everything and came back home. The dialogue by SRK in “Chak de India – 70
minutes” seems apt to what I was feeling then. I slogged for 14-16 hrs a day in those days.
Studying all night to getting up and revising has become my schedule. I wanted to avenge
my defeats, I wanted to prove myself to gain my confidence back. I slogged by the sweat
of my brow.

And then, the victory came knocking:

When the final results were declared on September 26, 2019, after 3 years of hard work I
saw my roll no in the final coveted PDF. The immediate feeling I had was one of
overwhelming disbelief.

Shubham Goel - RBI

As quoted by Chris Gardner in “The pursuit of Happiness”, this part of my life... this
little part.... is called "Happiness", soon the marks were out and it was evident that
I topped the exam with All India Rank of 1. No one expects to top the exam, especially
after failing so many times. It was within 3 months of leaving SBI I got the positive result.

The final destination:

Soon before the declaration of NABARD final result the notification of RBI Grade B 2019
was out. I know what my final goal was. I was done with most of the syllabus during the
NABARD preparation. I just needed to sharpen the blade.

After the declaration of NABARD result the sense of complacency came creeping in. I
wanted to enjoy at that moment. I wanted to forget each and every current affair and stock
my mind with all the Web series and movies which I have kept pending for long. But it
was the personal battle that was needed to be fought.
I started studying with the same intensity, dedication and enthusiasm as I was doing
before. I wanted to leave no stone unturned this time. I know now is the time I can struck
final nail in the coffin.
Light at the end of the tunnel?
After clearing prelims, I appeared for mains examination. I knew that the interview call
was inevitable. The mains result came, it was the time again for interview.
Interview which has been the stumbling block for me for the past 2 years. I got 26 and 27
in 2017 and 2018 RBI Grade B interviews respectively.
Going by this arithmetic progression the most probable chance was 28, I really wanted to
change it, and I wanted to give my best shot this time in the interview. The day of interview
came, I was nervous and excited. The time I came out of my interview hall I knew I nailed
it. It was the best interview I had in my life.
Redemption:
So, on October 19, 2020 there was enough rumors of the result coming out that day itself.
I was more than just nervous. All day, I kept on checking the telegram group. My eyes had
become tense, glued at the computer and mobile screen the entire day. In the evening
someone pinned a message on Telegram: Result Out. My hands were shaking, heart beats
soaring, body drained. Like never before.
I opened the pdf. It has been my tendency that I do not search in the Pdf (Ctrl+F), but I
always search manually. I consider it a good omen.

Shubham Goel - RBI

However, only a handful get selected in RBI, it was then I got glimpse of my roll no. It was
the feeling of contentment. I have risked everything to achieve it. I called home, there was
huge influx of emotions. It was a mixed-bag to be honest.
There is no big achievement than making your family proud. It is a great feeling to achieve
what you have always aspired for. I hope I am able to justify my job, position and role
whatever has been given to me.
"Success is not final; failure is not fatal: It is the courage to continue that counts."

RBI Grade B Strategy

Phase 1:
My Phase 1 scorecard-

Shubham Goel - RBI

The strategy for phase -1 is:
"Take as many mocks as possible"
I would recommend you to take 15-20 mocks and analyze it diligently ( Buy any 2 test
series and take free mocks of others, one of the test series you may refer is Olive board
preferably because of higher user base).
I used to prepare for CAT during my graduation. Therefore I was comfortable with
English, Reasoning and Quants.
I attempted a few mock tests to gauge my level of preparation at the All India level.
I focused mainly on GA and Phase 2 soon after the notification was released. However, I
feel that Phase – 1 is a tough nut to crack, even tougher than phase-2. I have seen
exceptionally well prepared candidates missing the Prelims cutoff.
My suggestion would be: not to take Prelims lightly.
What you can do is:
For GA : 4 month AffairsCloud is sufficient. If you want to be doubly sure then you can
supplement it with Bankers adda. But almost everything will overlap.

(Revision is the key here. Passive reading is not going to suffice. You must re-read it
and apply it in mocks. If you cut slack here, your prospects of phase l are in danger).

Edutap's CA revision series videos before Phase 1 for revision.

Selective reading of Budget, Economic Survey, Census & SECC.

You may also join the below mentioned telegram groups/Channels. These groups become
quite active after the notification is released.
1. https://t.me/rbigradebexam2019
2. https://t.me/RBI_Grade_B_DR
3. https://t.me/NABARD_Grade_A
4. https://t.me/shivamgrb2020 (Must join)
5. https://t.me/rbigradebexamresources
6. https://t.me/VivekSingh_Economy
7. http://t.me/rbi_grdb2020

Some of the apps you can download can glance through in your free time and travel time:
● Bankers adda (Adda 247)
● GradeUp
● Affairs cloud app

Shubham Goel - RBI

For English, Quants and LR:
Again, take as many mocks as possible. You can also refer to the sectional tests in
Adda247, Gradeup etc.
Practice and practice is the key to success in prelims. Prelims has become extremely
competitive with success rate of less than 2%.
Important word of advice: The Prelims syllabus, other than GA, ideally must be completed
before the notification is released. The time after release of notification must be utilized
mostly for Mocks, GA and Phase 2 preparation.

Phase 2:
My Phase 2 scorecard-

Shubham Goel - RBI

Word of caution: There is no clear-cut/foolproof strategy to clear this exam. What worked
for me might not work for you. It is recommended not to follow anyone blindly. You may
take inputs from other toppers and devise your own strategy based on your strength and
weakness.
It is expected that a serious candidate should know the syllabus and pattern of the exam,
which are mentioned in the RBI notification itself. Do go through previous year’s
questions also to know the trends and expectations of the exam.

Let’s move ahead with phase 2 strategy:

Economics & Social Issues:

Static ESI – I majorly relied on Ramesh Singh and Mrunal Youtube lectures that I did
when I started my preparation for RBI.
If someone wanted to start the preparation, I would strongly recommend Mrunal Lectures
for covering basics.
Edutap summary sheets supplemented with Google can also be referred. (Available on
Telegram groups).
Current Affairs: I relied on Affairs cloud and Vision IAS monthly compilations. I was
in continuous touch with current affairs from 2017.
But, at the max, I would say that for mains, 8 months of current affairs must be done, to
be on the safer side.
RBI is known to surprise the candidates. I use to read PIB on daily basis (Selectively
keeping Phase II syllabus in mind).
The Pandora's box:
Government Schemes – This is the most complex, feared and most dominated part of
ESI. The EDUTAP government schemes PDF are a good source to start with.
But one cannot completely rely on them. The EDUTAP sheets must be supplemented with
PIB. Every scheme is to be referred to PIB.
The things to focus on are:
● Ministry/Ministries Involved
● Year of launch

Shubham Goel - RBI

 ● Nodal implementing agency
● Aims/Targets of the scheme (Very Important)
● Target Beneficiaries
● Budget allocation ( Refer Budget at the time of reading the scheme)
● Predecessor scheme if any.
I would also recommend a Youtube series by civilstap on government schemes. It has
helped me channelize my preparation for Government schemes in the right direction.
The link for the same is mentioned below:
https://www.youtube.com/playlist?list=PLiZLrazDvUu0z_HzXjyVN3YF1m_gfF2zt

Reports and Indices/ committees -

I used to focus on reports by:
World Bank, IMF, ILO, UNCTAD, RBI, NITI Aayog and other National and
International institutions which are relevant for exam and coherent with exam syllabus.

Step by step:
The best way to tackle reports is to first jot down the name of all the important reports for
the month. You can get the names of the reports from AffairsCloud and Vision IAS and
selective reading from newspapers. Just make sure that you do not miss any important
report. Once this is done 25% of the work is done.
Now in order to cover a particular report, I use to type that report name on Google.
This will provide us with 3-4 different newspaper links. What IBPS( exam conducting
agency for RBI/NABARD) does is, it takes newspaper articles for the report as the passage
in Phase II and ask questions based on that newspaper article.
Make notes from these 3-4 newspaper articles on Evernote and then open original report
and make notes only from the executive summary (it is generally a 1-2 page summary of
that report).
This may take 30-40 minutes to cover a report in totality, but we can be sure that we may
be able to attempt maximum questions with good accuracy. This may be done for all the
important reports.
Some of my reference note are:
https://www.evernote.com/l/ATMPOdOEMcNGqKn_vyQje-s9bDDSdaeTChk/
https://www.evernote.com/l/ATMjXeAVMJtPV6JzorOdAckIADkB9SuKZVc/
https://www.evernote.com/l/ATOZiLLnbd9F7bXcHw93zX5SAFhnHB3eYRw/

Shubham Goel - RBI

Budget – When we think of budget we think only the budget speech. But relying only on
the budget speech will not suffice. Original site: https://www.indiabudget.gov.in/ must
be referred.
● BUDGET SPEECH is to be done thoroughly (Will be helpful both for prelims and
mains)

● MACRO-ECONOMIC FRAMEWORK STATEMENT 2020-21 may be read

very selectively as the facts mentioned may help in option elimination.

● BUDGET AT A GLANCE.

● MEDIUM TERM FISCAL POLICY CUM FISCAL POLICY STRATEGY

STATEMENT may be read selectively with focus on the projections given for the
next year.
The allocations for various schemes are given in the Budget speech, you can note
them down as it can fetch you some easy marks. Almost every year a rider question on
the budget allocation of a particular scheme is asked.
You can also take reference from the notes I prepared. You can read these notes as per
your convenience whenever you get time. This might store the data in your
subconscious mind which can be helpful when options are given in front of us.
My budget notes:
https://www.evernote.com/l/ATPS7-vpWidJyoMCvHipB-uy35p01qk8VTI/
Economic Survey – I used to refer the original Economic Survey as I did not want to
miss any important points.
So, I highlighted important points in the PDF in the initial reading and revised the
highlighted points again and again. I would recommend you to read original survey.
However, if you have paucity of time you may refer the summary compilations of various
coaching institutes preferably Vision IAS.
Any Scheme/report mentioned in the survey becomes very important and must be deeply
analyzed. Last year Economic Survey (Volume 2, Chapter 5) mentions NITI Aayog SDG
Index.
A passage was given and 10 marks questions were asked in RBI 2019. I could answer all
of them correctly.
Newspaper: Newspaper may not be completely neglected. For my approach, you may
refer to my Quora answer:
https://qr.ae/pN9oXE

Shubham Goel - RBI

Even after reading this much for ESI, when you sit in the exam you’ll realize that you could
answer accurately only for 40-45 marks.
This reading will help you to eliminate the options too. The more you read the more you
are able to eliminate the options the more correct guesses you are able to make. In short,
the more you read, the luckier you become.
Do not shy away from taking educated guesses in the exam.
(You must be like: Zor zor se bolke sabko scheme bataade) :D
Anyways,
The 1 markers are generally factual and the only 2 possibilities are either you know or you
don’t know.
But with 2 markers read the passage, analyze it, read the options carefully. For many
questions you will be able to eliminate 3 options.
I always attempt for 95+ marks in ESI and 98+ marks in FM. This has always yielded
positive payoffs.
Taking calculated risk is advisable.

English Descriptive:
The descriptive paper is perhaps the most overlooked and taken for granted part in the
RBI preparation.
I have taken 8 mains examination of regulatory/supervisory bodies conducted by IBPS.
I am still unable to decipher the expectations and what goes into the mind of the checker.
Having said that we can’t leave English as an “Act of God” rather we have to practice a lot
in order to counter the unpredictability in terms of marks.
There was this image that was making rounds on Telegram. This has helped me to
channelize my preparation in the right direction and I was able to get above average marks
in my last 4 mains examinations.

Shubham Goel - RBI

The image in a nutshell:
● I we just follow the word limit in Précis and Essay (Scaling the maximum marks
for word limit, as per RBI examination format) we can get 15-16 marks.

● Avoiding grammatical mistakes and spelling errors in Précis and essay can add us
another 13-14 marks. We do not know whether the copies are checked manually or
through computer.

Shubham Goel - RBI

 ● But as per my understanding answer copies must be run through SPELL CHECK
& GRAMMERCHECK through computer and manually checked for content.

● Write short and simple sentences. The best way is to write atleast 15 essays and 15
Précis on Grammarly. You’ll get to know the common grammatical errors you
are making and work on it. After practicing 15 essays and 15 Précis you will get
fairly acclimatized with the format.

● Typing Speed and Time Management is also very important. I will always be better
to keep time break up in mind. The time breakup in my mind was to give essay 30-
35 Minutes, Précis 25 Minutes and RC 25 Minutes and last 5-10 Minutes for Proof
reading and corrections.

● Memorize 15-20 quotes, so that you can use them at the time of writing essay.

● Do not forget the Précis heading, I missed in 2 of my mains examination. This

could cost you your selection. Do mention the question no as well.

● While reading newspaper/book/current affairs/reports if you find anything that

was written pleasingly, I would suggest you to take a note of that separately so that
you can use that in your essay. The same may be done in Evernote so that it can be
revised again and again with ease.

● Use very simple and lucid language. Using flamboyant and flowery language can
even decrease your marks.

● For Precis and comprehension, your marks will depend on how well you are able
to express the same thing in your own words. Try not to copy same words/phrases
from the passage.
As small group of like-minded people can be formed and regular sharing of Essays,
précis can be done for guidance.

Finance & Management:

Finance:
Finance Current: All the above sources mentioned above for ESI will be sufficient to
cover finance current affairs.
RBI Website: The RBI website can’t be neglected. We need to cover:
● Important reports released by RBI ( Eg: Financial stability report, State
finances report, Monetary policy report in brief).

Shubham Goel - RBI

 ● Important monthly RBI notifications are to be covered. In a month you will find
8-10 important notifications which are to be covered thoroughly.

● In the publications section, monthly publications a report named Monetary

Credit and Information Review report is there. This may be covered for 8-9
months. It covers all the major advancements and news by RBI for that particular
month.
Finance Static: For finance static, I referred to Edutap Summary sheets along with
extensive use of google. I bought Edutap video course in 2018 and I found it fairly useful.
In 2019 preparation I was well equipped with the concepts of finance.
One must not completely ignore the finance numerical. They have been asked in 2015-17
RBI exam. For the last 2 time the numerical are not asked but RBI can anytime change
the pattern and surprise us. The below mentioned numerical topics are to be practiced:
Time Value of Money, Bond yields and Price of Bonds, Break even point,
Accounting Ratios, Balance Sheet and Profit and Loss A/c, Derivatives.

Management:
Edutap is a very good source to cover management.
It is comprehensive and in lines with the expectations of the exam. You can download the
summary sheets and use google extensively.
Tip: Google each and every term and make notes out of it. This will help you in better
understanding.
Other sources I referred:
● managementstudyguide.com
● iedunote.com
● Principles of Management by PC Tripathi ( Selective reading)
The options are very close and often ambiguous. Good understanding of the concepts is
required.
After 1 reading one might feel that the concepts are clear. But the reality is after multiple
revisions too, the questions might perplex you. Multiple readings are required.
Takeaway: The more MCQs you practice the better it is. You can form a small group where
you can share the MCQs and concepts. You should also Google each and every term as
mentioned in the syllabus and go through the first 3-4 links. (Recommended in free time.)

Shubham Goel - RBI

Interview:
You can refer to my Quora answer on my interview experience and my preparation.
https://qr.ae/pNiNTv

Parting words:
Telegram is used by many serious aspirants preparing for RBI.
My serious suggestion will be not to get over attached with it. It helped me a lot in
understanding the examination and finding likeminded people for discussions. But over
time I felt like it is eating much more time than what I am actually gaining from it.
My advice will be, not to get addicted to Telegram.

* I have written this, not to show my intelligence and capabilities. But to help the
candidates who must be in a similar situation as I was. I have not achieved something that
was not done previously or can’t be done in future.

To succeed, understanding failures is extremely crucial. Persistence is the key for

these examination with very limited seats and sky rocketing competition. Never let success
get to your head; never let failure get to your heart.

Believe me if I can ace this exam than anyone can. Just devise your own strategy and
commit to it will full dedication. Be true to yourself, if you are giving your 100%, you will
get through.

And remember, just when you think you can continue anymore, just when you think this
is the end of the road and just when you think maybe you should hang your boots,
remember this maxim.

Woods are lovely

Dark and deep
But, I have promises to keep
Miles to go before I sleep. Miles to go before I sleep.

Shubham Goel - RBI