2021-ESI

RBI Grade B 2021
Phase II ESI
Memory Based Paper

RBI Grade B 2021 Phase II ESI Memory Based Paper
(2 Markers)
Para 1: There was one paragraph based on OECD economic outlook report released in March
by the name “Strengthening the recovery: The need for speed”. Headquarter (Paris) of the
issuing organization was mentioned in the paragraph.
1. Identify the report mentioned in the given passage?
a) World Economic Outlook by IMF

b) World Economic Prospect by World Bank
c) Global Economic Outlook by OECD
d) Global Risk Report by WEF
e) None of the Above
Answer: Global Economic Outlook by OECD
Difficulty Level: Easy
The passage given has specifically mentioned that the organization has it’s headquarter in Paris. If
aspirant is well versed with the HQ of major global institution, then he/she can easily handle such
questions.
2. As per the given passage, most of the countries across world have found it difficult to
cope up with economic damages, which of the following action is preferred by most of the
nations across world to fight with economic distress?
a) Adopting Austerity Measure

b) Enhancing Capital Expenditure
c) Reducing Interest Rate
d) Protecting MSMEs and Agriculture Sector
e) None of Above
Answer: Reducing Interest Rate
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Difficulty Level: Medium
This question was little tricky and demands application of knowledge. Options are bit confusing.
a) Austerity measures denote reduction in public expenditure which is not the case because
government had come up with 20 Lac Cr package.
b) Enhancing Capital expenditure is one of the measures but it will also require finances to
execute projects. That’s why it is not the most appropriate option.
c) Question specifically asked in context of global measures and reducing interest rate is pretty
common move by central banks to induce liquidity in the market. Thus, it is the most
appropriate answer.
d) Protecting MSME and agriculture is sectoral measure and may not reflect the whole
economy, hence it should be eliminated.
3. As per the report mentioned in the passage, which of the following represent GDP
projection for India for the year 2021-22?
a) 12 %
b) 14.5%
c) 10%
d) 12.6%
e) 11.5%
Answer: 12.6 %
This report was released by OECD one month before exam. Aspirants are expected to be aware of
the recent development in reports section.
4. As per the given passage, due to globalised economy, economic growth and prospects of
OECD countries will be linked with?
a) Developed Economies
b) Fast Growing Developing Economies
c) Oil Exporting Economies
d) Developing and Transition Economies
e) None of The Above
Answer: Developing and Transition Economies
Difficulty Level: Medium (Tricky)
OECD countries are economically developed countries. Sustainable economic growth is linked with
global co- operation. Hence, it is logical that OECD is dependent on transition economies in Africa
and developing economies in Asia and south America. Other options reflect limited economic co
operation which may not be sustainable in long run.
5. As per the OECD report, absence of which of the following country will hamper the
sustainable economic growth?
a) France
b) United States
c) China
d) United Kingdom
e) Canada
Answer: China
Difficulty Level: Tough
China is the only country in option which is not the member of OECD and also holds importance
globally due to its economic might.
Para 2: A short passage on urban infrastructure scheme and centre state relation
6. In the context of given Passage, SAAP denotes___________?
a) State Annual Acceptable Plan

b) State Augmented Action Plan
c) Scheme for Annual Action plan
d) State Annual Action Plan
e) State Action Agenda for People
Answer: State Annual Action Plan
SAAP is general term linked with the centre state co operation. It was in news related with Jal Jivan
Mission also. If aspirants follow PIB religiously such tough questions can be attempted easily.
7. Which of the following statement is not true about the scheme mentioned in the passage?
I. It aims to develop infrastructure in 500 cities

II. It is named on the former prime minister of India
III. It aims to promote sustainable and integrated development of heritage cities.
IV. Scheme aims to enhance basic infrastructure in tier III & tier IV cities
a) III & IV only

b) II & III
c) III only
d) I, II, III only
e) None of the above
Answer: III only
Features of the scheme were asked. Classic case of how to cover scheme thoroughly. Mere noting
broad thing like ministry, allocation and purpose won’t help to fetch good marks in RBI mains.
Para 3: A short passage on urbanization was given. Its theme was reflecting Amrut Mission.
This set of question has influence of Annual Budget
8. The Budgetary allocation for the Scheme Mentioned in the given passage is _______?
a) 8500 Cr
b) 9000 Cr
c) 7800 Cr
d) 7300 Cr
e) 6800 Cr
Answer: 7300 Cr
Budgetary allocation is the standard question that comes in banking exams. AMRUT was also
mentioned in budget speech, hence generally prepared by aspirants.
9. The Scheme mentioned in the given passage is extended by how many years?
a) 3 Years
b) 1 Year
c) 2 Years
d) 4 Years
Answer: 2 Year
Difficulty level: Tough
It is kind of minute detail about the scheme. Most of the aspirants miss such details from PIB and
current affair. Hence, this question becomes tough for many of those who attended the RBI grade B
mains 2021.
10. Identify the Scheme mentioned in the passage
a) HRIDAY
b) PRASAD
c) AMRUT
d) GAY (U)
e) Smart City Mission
Answer: AMRUT
Passage was talking about the urban development and JNNURM. AMRUT is the only scheme which
is the modified version of JNNURM. Other schemes are generally well known among aspirants and
hence can be easily eliminated.
11. As per the scheme mentioned in the passage, what is finance sharing mechanism for
infrastructure projects among centre and state?
a) 60:40
b) 70:30
c) 90:10
d) 50:50
e) 40:60
Answer: 50:50
Again covering minute detail holds the key to score high in mains exam.
Para 3: A passage was given reflecting features of PM KISAN scheme
12. As per the scheme mentioned in the passage, what is annual entitlement for farmers to be
disbursed on quarterly basis?
a) 12000
b) 6000
c) 8000
d) 10000
Answer: 6000
Question was based on newly added syllabus on agriculture. It was easy catch.
13. Central govt. has disbursed second installment of this Scheme in December 2020, what is
the total amount disbursed to farmers for second installment?
a) 75000 Cr
b) 25000 Cr
c) 36000 Cr
d) 18000 Cr
e) 24000 Cr
Answer: 18000 Cr
In December 2020, central govt. had disbursed the second installment of the PM KISAN scheme.
Such significant figures about major scheme are always given respect by RBI and NABARD. Recent
news about scheme shall be given attention while preparing scheme.
14. All farmers in the country are eligible for this scheme except which of the following?
a) Farmers holding Constitutional Post

b) Farmers paying income tax
c) Farmers holding land more than 10 Ha
d) All are eligible
e) Only A & B
Answer: Only A & B
Again comprehensive features about scheme help in addressing such question. Eligibility criteria
were revised last year and all farmers made eligible for income support Rs 6000. Only those who are
paying taxes and holding constitutional position were excluded from benefits.
Para 4: A passage about Liquidity Management Framework of RBI was given
15. Which of the following operations can be used by RBI to manage liquidity in the economy?
a) Long Term repo operation

b) Open Market Operation
c) Long Term Reverse Repo Operation
d) Forex Swaps
e) All of the above
Answer: All of the above
Liquidity management framework was released by RBI in Feb 2020. Questions were difficult to
comprehend. All the given options are used by RBI to manage liquidity. It was also published in
Business Standard.
16. As per the revised liquidity management framework, the central bank will stop 14 day fixed
repo operation and going to carry it at variable rate to match which of the following
parameter of maintenance cycle?
a) Statutory liquidity ratio

b) Cash reserve ratio
c) Total money supply in economy
d) Demand by the major commercial bank
e) None of the above.
Answer: Cash reserve ratio
Small passage was picked up from RBI circular to frame question. Cash reserve ratio is the correct
answer. While getting rid of the 14 day fixed repo, the RBI said it will operate a 14-day term
repo/reverse repo operation at a variable rate that would be conducted to coincide with the cash
reserve ratio (CRR) maintenance cycle. This would be the “main liquidity management tool for
managing frictional liquidity requirements.
17. A line was given in italics in the passage, question was asked to about its significance
(what does it denote)?
a) Easy money policy of RBI

b) Tight Money policy of RBI
c) Maintaining call rate slightly above the repo rate
d) Marinating call rate slightly below the repo rate
Answer: C & D
Liquidity management framework the weighted average call rate (WACR) will remain the operating
target of the monetary policy, the RBI said. This means that RBI will ensure enough liquidity to anchor
the call rate at around the repo rate. If the call rate inches above the repo rate, it would signal liquidity
deficit and the central bank will bring its tools to infuse liquidity. Similarly, if the call rate is below the
repo rate that would mean the banking system has surplus liquidity. In that case, the central bank can
operate to suck out the liquidity through its operations.
18. Operations for liquidity management discussed in the passage which of the following
will be anchor to identify the systemic liquidity mismatches?
a) Average call rate

b) Weighted average call rate
c) Repo Rate
d) Reverse repo rate
Answer: Weighted average call rate
Options of this question are very much confusing. RBI framework clearly denotes weighted average
call rate will be used to maintain appropriate money supply in economy.
Para 5: A passage was given about sustainable development
19. Sustainable development goals were authorized by which of the following authority?
a) UN economic and social council

b) UN secretariat
c) UN general assembly
d) UN framework on Climate Change
e) None Of the above
Answer: UN General Assembly
Sol- It is the static question about sustainable development goals. UN general assembly had given
approval for SDGs.
20. Identify the benefits of the foreign trade?
I. Aids in international allocation of resources and technology

II. Helps to bridge resource gap among countries
III. Facilitate economic growth and employment
IV. Stimulates competition and aids environmental protection
a) I, II & III
b) III & IV
c) II, II & IV
d) I, III, IV
e) All of the above
It is the tricky question which checks the conceptual clarity about foreign trade. First 3 options are
logical while 4th option is little tricky. However, all are the benefits of foreign trade.
(1 Marker:)
21. The Scheme for strengthening teaching – learning and results for states was launched by
________with financial allocation of ________?
a) UNESCO, $ 400 M
b) UNICEF, $500 M
c) World Bank, $ 500 M
d) Asian Development bank, $350 M
Answer: World Bank, $ 500 M
This scheme (STARS) was in news since Oct 2020.
22. Which of the following arguments are correct with respect to the benefits of one nation one
ration card scheme?
I. It helps in eliminating inclusion and exclusion errors

II. To ensure food security of migrant workers
III. Seamless interstate portability of ration card
IV. Reforming PDS system
a) I & II only
b) I, II, III
c) II & III only
d) II & IV only
e) All of the above
This is statement based conceptual question. One nation one ration card scheme was in news since
one year. Even aspirant doesn’t know about the scheme, he/she could have easily attempted the
question. All the given arguments are in line with the benefits of the ONORC scheme.
23. Which of the following statements are correct regarding sovereign gold bond scheme?
I. Indian citizens including HUF, trust, individuals are eligible under the scheme
II. Minors can also apply for sovereign gold bonds
III. Decline in gold prices is one of the risk to the invested capital
IV. 3kg is the maximum limit of subscription for individual
a) I, II & IV
b) I, II & III
c) II, III & IV only
d) I & III only
e) All of the above
Answer: I, II & III only
Sovereign gold bond scheme is quite old but since it is administered by RBI, it holds importance. All
statements are correct except the fact that maximum subscription limit is 4 kg instead of 3 kg
24. Government has come up with a mobile app to establish two way communications with our
farmers and to provide information about various advisories, which of the following is the
app being talked about?
a) m- KISAN app
b) Kisan Suvidha app
c) BHUVAN app
d) MAUSAM app
Answer: m-KISAN app
There was ambiguity among students between m-Kisan app and Kisan Suvidha app. However,
passage was specifically talking about KISAN scheme. So, there are 50-50 chances of “A” and “B”
being right.
25. Which of the following app can aid to fulfill the goals of digital health mission?
a) ANMOL
b) E- Sanjivani
c) Nikashay
d) KILKARI
e) All of the above
All the given options do have certain degree of online functions and aids in furthering the benefits of
digital health mission.
 ANMOL : digital tool for NURSES for data collection of newborn and mothers
 E- Sanjivani: National Teleconsultation Service of Ministry of Health and Family Welfare
 Nikshay : aided by digital health mission for maintaining information of TB patients
 KILKARI : It is a mobile health education service that provides pregnant women, new mothers,
and their families with timely, accessible, accurate and relevant information about
Reproductive, Maternal, Neonatal and Child health. Kilkari uses IVR technology to deliver
time-sensitive audio information directly to families’ mobile phones.
26. Recently central government has modified labor codes in India, which of the following
statements are correct about these labor codes. ?
I. Labor codes will help rationalize labor laws in India

II. It will ensure women safety and it will encourage women to participate in economic activities
III. Delegitimize strikes in India
IV. It will ensure minimum wages to workers
a) I & II only
b) II only
c) III & IV only
d) I, II & IV only
Answer: I, II & IV only
Question on labor code was most expected. Aspirants having knowledge about the features of labor
code could answer this question easily. Those who dint know could use logic to identify wrong
statement. Right to agitation is fundamental right and hence cannot be striked down by any authority.
Hence, 3rd statement cannot be the part of answer. Rest of the arguments are the rational of labor
code hence can be termed right.
27. For promotion of startups and innovators government has given certain incentives in
budget 2021-22, which of following are part of such incentives?
I. Reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days
II. Allowing Non Resident Indians (NRIs) to incorporate OPCs in India.
III. Extended tax holiday by 1 year.
IV. Credit facility to SC/ST up to 1 crore to all the eligible entrepreneurs
a) II, III & IV only

b) I & II only
c) II, III only
d) I, II, III only
e) All of the above
Answer: I, II & III only
All the given statement was picked up from budget 2021-22. Since, statements are specific it become
very difficult to eliminate options in actual exam. All statements are facts except the 4th statements.
Applicant if defaulter in any other branch won’t get financial aid.
28. Identify the correct pair among the following options
A. A street Vendor eligible for working 1. SVAMITVA

capital of 10000
B. Govt. Of India has started mapping 2. Garib Kalyan Yojana
land in rural area to improve resource
efficiency and to bring land reforms
C. Government will provide 100 days 3. SVANIDHI
work in rural areas to ensure
livelihood to rural folks
a) A-2, C-1
b) C-2, A-3, B-1
c) A-3, B-1
d) B-3, A-2, C-1
Answer: A-3, B-1
Schemes were asked with respect to their major goals. Only option 3 is matching with the themes of
the given scheme. These schemes are recent and were in news since AATMNIRBHAR BHARAT.
29. With respect to the operation green, identify the correct statement among the following?
I. This Scheme is applicable only to tomato, potato and onion
II. It will help promote agricultural export from India
III. Operation green is now linked with Mega food park scheme to ensure end to end
supply chain.
a) I only
b) I & II only
c) I, II & III only
d) Only II & III
e) None of Above
Answer: Only II & III
Question was about the recent development happened in Operation Green. It was extended to other
schemes as well (TOP to TOTAL). Other 2 options are correct about the scheme. Linking tomato,
potato, onion grower with food parks can ensure smooth supply chain to render financial benefits to
horticultural farmers.
30. Economic survey 2021 projects India’s real GDP growth to 11 % and nominal GDP growth
to 15.4%, what can be the possible reasons for this highest growth since independence?
a) Robust growth in manufacturing

b) Impact of base effect and vaccination drive going to normalize economic activities
c) Low current account deficit and high FDI inflow will boost economic growth
d) Pharma export is rising due to pandemic which will benefit economic growth like never before
e) None of The above
Answer: Impact of base effect and vaccination drive going to normalize economic activities
This question checks the capability of aspirants to evaluate the current economic situation. GDP
growth rate went down due to disruption of supply chain in lockdown period. No doubt that
manufacturing and FDI will help to boost economic growth. But, market stability due to vaccination
drive and base effect which plays role in GDP growth calculation are the major factor for economic
revival in India.
Descriptive Questions
Part A. Answer any 2 questions out of the following: Marks (2*15 = 30 marks)
1. Discuss various Poverty Estimation Methods in context of the following

a) Per Capita
b) Inflation & Consumption
c) Safety Net Program
2. How are the different dimensions of Globalization evolved since the Global Financial Crisis of
2008. Analyze its impact.
3. What are the vertical & horizontal allocations of resources to states as per the 15th Finance
Commission? How this objective can be achieved?
Part B. Answer any 2 questions out of the following: Marks (2*10 = 20 marks)
1. What is the influence of Demographic Transition on economic growth with reference to India?
2. What are the 3 measures that are related to the Disinvestment of Strategic Sectors & Non
Strategic sectors in Union Budget 2021-22. Discuss.
a) Rationale
b) Impact
3. Discuss India’s commitment to climate change in light of socio-economic, health &
developmental projects.

2021-ESI

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RBI Grade B 2021

Memory Based Paper

1. Identify the report mentioned in the given passage?

a) World Economic Outlook by IMF

Answer: Global Economic Outlook by OECD

Difficulty Level: Easy

a) Adopting Austerity Measure

Difficulty Level: Medium

Difficulty Level: Easy

Answer: Developing and Transition Economies

Difficulty Level: Medium (Tricky)

Difficulty Level: Tough

6. In the context of given Passage, SAAP denotes___________?

a) State Annual Acceptable Plan

Answer: State Annual Action Plan

Difficulty Level: Tough

I. It aims to develop infrastructure in 500 cities

a) III & IV only

Difficulty Level: Medium

Difficulty Level: Easy

Difficulty level: Tough

10. Identify the Scheme mentioned in the passage

Difficulty Level: Medium

Difficulty Level: Tough

Para 3: A passage was given reflecting features of PM KISAN scheme

Difficulty Level: Easy

Difficulty Level: Tough

a) Farmers holding Constitutional Post

Answer: Only A & B

Difficulty Level: Tough

Para 4: A passage about Liquidity Management Framework of RBI was given

a) Long Term repo operation

Answer: All of the above

Difficulty Level: Tough

a) Statutory liquidity ratio

Answer: Cash reserve ratio

Difficulty Level: Tough

a) Easy money policy of RBI

Difficulty level: Tough

a) Average call rate

Difficulty Level: Tough

Para 5: A passage was given about sustainable development

a) UN economic and social council

Answer: UN General Assembly

Difficulty Level: Easy

20. Identify the benefits of the foreign trade?

I. Aids in international allocation of resources and technology

Answer: All of the above

Difficulty Level: Easy

Answer: World Bank, $ 500 M

Difficulty Level: Easy

This scheme (STARS) was in news since Oct 2020.

I. It helps in eliminating inclusion and exclusion errors

Answer: All of the above

Difficulty Level: Easy

Answer: I, II & III only

Difficulty Level: Tough

Answer: m-KISAN app

Difficulty Level: Easy

Answer: All of the above

Difficulty Level: Medium

I. Labor codes will help rationalize labor laws in India

Difficulty Level: Medium

a) II, III & IV only