Guys, they are mentioning that recruitment process is not over yet, so it seems that the result will come with DEPR and DSIM on 10 Nov as for GRADE B they have results ready with them, but for 60 DSIM/DEPR, they can prepare the result within 1-2 Hrs, expect it by 5-7PM on November 10.if it comes before then it will come when least expected.
So this time when the results will be out we can expect the marksheets within 1-2 days, because of 20 days gap between interview and result. It will be easy for the ones who didn't get selected to analyze and don't be in worry for another 15 days. That is the only positive thing we can expect this time from delayed results. I hope RBI doesn't delay that as there wont be any substantial reasoning behind that.
After seeing descriptive and PI marks of SBI PO candidates, English and Interview will play much bigger role in our case too.
Guys we have time for results, please share your interview experience
My interview took place on 2nd august,2017 at delhi.
I was 13th to be interviewed.
I entered the room after taking permission and again took the permission to sit down.
M1(Sardarji): come tushar,have a seat.
I sat down.
M1(Sardarji): you have done your graduation in engineering physics? What is that.
Me: sir actually it is a new branch which has a research orientation.
M1(Sardarji): how is it different from other courses in physics?
Me: sir other courses like Bsc. in physics focuses on theoritical aspects,like studying of theories derivations and all.
As engineering refers to the application of a body of knowledge to solve problems or to form something new,this branch is regarding that.
M1(Sardarji): can you give me an example.
Me: sir like electronics and communication.
M1(Sardarji): in electronics, what physics is applicable.(a strange one)
Me: sir like the whole electronic systems are based on flow of electrons and difference in voltages.
For eg, the binary state 0 implies zero voltage and 1 implies some voltage. And this electromotive force causes the electron to flow.
He seemed to be satisfied.
M1(Sardarji): You said research oriented,how does it relate to new emerging areas?
Me: sir,we had a subject regarding quatum computing, which seeks to replace classical laws of physics in the electronic systems with the quantum laws.
There is a law in computing called the Moore's law which states that the computing power doubles every 2 years and according to that the power of
present computing devices will begin to plateau around 2020 because there is a limit to which you can scale down the size of transistors on IC
as you cannot reduce its size beyond nano level. In quatum laws,in place of two positions of 0 or 1, there can be infinite positions in between
which are determined by the probability distribution coefficients alpha and beta.
I think this much of technical knowledge was enough for him so he did not go more into details.
Sardarji: what impact did you feel of demonitization, it has been 6-7 months now.
(i dont know why i missed demonitization and instead interpreted that he asked impact of GST )
Me: sir, the actual impact still needs to be seen. At the personal level,i used to order food from an app called swiggy,so many of the
restaurants have raised their prices post GST.Like if you are ordering a burger of Rs.60, additional 10-12 Rs they are now charging which earlier they were not.
M2(MR. Bakshi,i guess):(cutting me short) this you are telling the impact of GST na,he asked demonitization.
I realised my blunder,and made up facial expression of sorry looking at sardarji.
To my surprise sardarji said :its okk it happens. His expressions were comforting.I think he liked the way i approached the question as question was more
about how you felt the impact,which i told through a personal example.
Since question was asked by sardarji and if he said its ok,2 nd member did not grill me on this.
M2: so what is the rate applicable on these services.
Me: sir, 18 %.
M2: ohk, so you have a technical background and seems to have a good knowledge, but you did not sit for placements.,why?
Me: sir frankly,i do not want to go into the private sector. And sir there aren't enough research oriented jobs available in the country.
Most of the companies visiting our campuses were for non tech background.
Cutting me short.
M1(Sardarji): there are jobs available,there are IBM labs,and others.
I interrupted and said sir: apart from this, during my third year I discovered another aspect of my personality as i started developing interest
into subjects of humanities. I started reading them and then i decided that i want to work with the people and for the people.
M1(Sardarji): in RBI, there is not much public dealing.
Me: sir, but whatever they do have an impact over peoples life like credit supply through monetary policy.
M2: well there are people in IBM labs also,aren't they.
M1(Sardarji):(supporting me) sir he wants to work towards humanitarian aspect.
2member: so you want to work with people not electrons.
Me: smilingly said,yes sir.
M2: ohk, so tell me what role does RBI plays in these payment and settlement system.
Me: sir, under the payment and settlement systems act,2007, RBI has been given a mandate to regulate the payment and settlement systems and to ensure
its orderly development and that systems are safe.
M2: what are the systems RBI operate.
Me: NEFT,RTGS,electronic fund transfer.
M2: are these run by RBI?
Me: sir i do not know that but yes they are regulated by RBI.
M2: whats is the difference between NEFT and RTGS.
Me: sir in NEFT, fund transfer takes place in batches 1hour or 2 hour like that,and the payment amount is clubbed with other funds.
While in RTGS, the tranfer is instant and is not clubbed with other payments.
M2: that is an operational difference,what is the difference in technical terms.
Me: sir what i know about NEFT and RTGS is.... (again repeating what i said earlier) and adding that in RTGS, minimum sum. Required is 2 lakhs while
in NEFT there is no minimum sum.
(he still wanted more difference, i don't know what else he expected)
M2: ohk,are these retail payment systems?
Me: sir, no these are wholesale payment systems. For retail,there is NPCI(national payment corporation of india) promoted by RBI, UPI build by it,aadhar pay etc.
M2: ohk,how will your technical background help us in RBI.
Me: sir like there is a department of Information and technology (DIT), where my technical knowledge can be helpful. As there are number of changes taking place
in this arena like P2P lending, bitcoins etc.
M2: are these P2P lending and bitcoins under RBI regulation.
Me: no sir they are currently outside the purview of its regulation,but in future RBI will have to regulate these as their acceptance is growing among people.
M2: so you want to work in DIT.
Me. No sir,there are many departments in RBI, i'd like to work in all to have broader experience. I do not want to narrow down my area of work.
M3: so your father is also in RBI.
Me: yes sir,he is currently manager and is in the pipeline of becoming AGM and is currently posted in jammu.
M3: which all centres have you seen.?
Me: sir i was born in delhi and stayed here till class 3. Then we moved to chandigarh and stayed there till I completed class 7.
After that we moved to jaipur and did my rest of the schooling there. Then we again shifted to delhi. Now he is in jammu right now.
3rd member: acha, you told about P2P lending in new technologies. Do you know about,(he named some new technology of of which i have not even heard)
Me: sorry sir, i have not heard about this.
(he was expecting my no it seemed)
M3: what all developmental functions does RBI play.
Me: sir,as a part of its developmental function,RBI promotes certain institutions like NABARD,NHB etc to enable flow of institutional capital in certain areas.
M3: does RBI hold shareholding in NABARD.?
Me: no sir it initially held now GOI holds most of its shareholding.
M3: okk, do you know which department of RBI deals with the agricultural sector now?
Me: No sir, i do not know the name.
M1(sardarji): he might not be knowing about it.
M3: so tell me na, what RBI now does.
Me: sir,NHB is a wholly owned subsidiary of RBI.
M3: what else?
Me: Sir, Rbi also promoted NPCI to facilitate retail transactions.
M3: RBI doesn't hold shares of NPCI?
Me: No sir RBI. Does not. It promoted it,but is not the majority shareholder.
M3 :(talking with other members) other commercial banks hold majority shareholding. Then loking at me, more developmental functions?
Me: sorry sir,not able to recall more right now.
M3: DIGCI?
me: yes sir, DIGCI, expanding it -deposit insurance credit guarantee corporation of india. It insures deposits of customers in the banks upto 1 lakh
to instill confidence in them and prevent bank runs.
M3: does it also cover deposits in NBFCs?
Me: no sir,NBFC deposits are not insured by DIGCI.
M4(Lady member): As you are a tech savvy person(she deduced it from my earlier answers i guess), did you hear about cyber attack at central bank of bangladesh.
Me: yes ma'am, i read about it in news paper, it was regarding a trail of transactions taking place via channels in multiple jurisdictions such that detection
of that trail was very difficult.
M4(lady member): Do you know about SWIFT.
Me: ma'am I do not know much about it, just read its name in newspapers and deduced from them that its a international payment system facilitating
international transactions.
M4(Lady member): what should be done to ensure cyber safety.
Me: ma'am a dedicated cyber security cell is important which can deal with all cyber related risks. In fact, in this year's budget,there is a proposal to
establish CERT(computer emergency response team) for the financial sector.
M4(Lady member): yes,Rbi also has issuesd new directions regarsing cyber security.and looking towards me to elaborate more on cyber security.
Me: At the undertanding level, there must be a dedicated network connecting RBI with all financial institutions and all related transactions should be done
through that over and above this level,there can be a another level of network which shall connect this with the Outside networks. Basic principle is that we
must protect our data and stop the data flowing outside the country and store it within domestic boundary only.
In this era of digital colonization, we cannot afford to be at the receiving end.
Most of these big giants like facebook are collecting it and storing it outside our country.
(she seemed satisfied i guess)
M5: what is this swimming physics?
(his questions were based on my hobbies section)
Me: sir, there must be a comma in between them,if there is not,pardon me sir.( I had written them in my hobbies)
M5: generally people do not write physics in hobby.
Me: sir i have interest in physics,more so towards the philosophical aspect of it.In fact, i had filled engineering physics as my 2nd option despite it being
perceived as a low branch.
M5 :you have written here past civilizations and Societies.
Me: yes sir,as i started reading humanities(from ncerts) i developed interest towards these.
M5: about how many you have studied.
Me: sir i haven't studied much about world level civilizations, but yes i did study about Indus valley civilization, mauryan empire,gupta empirs,delhi sultanate,
mughal empire.
M5: what did you study?
Me: sir i studied about the socio economic background in which these civilizations emerged.How their socio economic structures were organised. How was the
monetary transactions taking place between economic agents,whether they were done through tangible money like gold or silver or through paper money like the fiat
currency system we have today.
M5: you have also mentioned meditation and spiritual talks.
Me: yes sir,i do meditation personally for myself not in groups.
M5: how do you do it.
Me: sir, i plug in my earphones tuning into 528hz or 432 hz frequency available on youtube and sit down closing my eyes for 15 mins or so.
M5: this thing you hear in ur ears,is it music.
Me: no sir, it is not music per se but sound producing that frequency.
M5: like how?
Me: i made a buzzing sound like a honey bee to make him understand.
M5: so does it help?
Me: frankly sir it does help me personally. Like whenever i have had a Bad day,i got angry at someone or is drained of energy,i get to medidation to refill myself
with positive energy. It helps when you need to focus on something,like studies or doing a project.
M5: how often do you do it?
Me: sir, its not fixed. As and when i feel a need to refill myself,i do it.
M5: looking at other members nodded.
Sardarji: smilingly he said,theek hai tushar,you can go now.
Me: standing up, thanks you sir.
Have a good day sir and ma'am.
Going outside and closing the door behind i again looked at sardarji, and he gave a smile too which was the best part of my interview.
Thinking to myself chalo, sir ko impress to kar paya mai.
Interview duration-20-25 mins.
guys any1 having materrial specifically for banking awareness?? plzzzz
Guys genuine advise please. ITI (SSC CGL) or Lt indian army (short service comm.) Through CDSE.
Any POs here who are awaiting their final result?? I am targeting Grade B next year and have just been selected for SBI. How tough is it to balance the job pressure and prep?? I cleared SBI while working so I do have some idea...but industry insights will be helpful!! I'm a commerce graduate and would love to know how to go about the preparation right away.
Also, there are speculations about RBI not recruiting in 2018. Is it worth thinking about?? Sincere replies are genuinely appreciated.
Lowest marks to get a call for interview??? GEN, OBC, SC/ST.....
Is there any chance for results coming tomorrow as per mentioned by Mr ragade ?
Since the speculations began 2 weeks has passed 2 more to go.
-
2 more weeks
- Yes
- It will come before
0 voters
Does some one remember the question regarding which psu was restructured or something...whether it was in esi or fm and whether it was a 1 marker or 2 marker
Hello guys! First let me congratulate you on reaching the interviews of such a tough exam!! You guys are winners no matter what, whether you taste success today or tomorrow!! Never give up! Now about me, I am an SBI PO-16, looking to crack RBI next year. I need some advice. Do i need to buy notes? If yes then is Edutap any good? Or is Anuj Jindal better? Honest opinions are appreciated guys 😁
Date - sep 13 Venue - Chennai M - male members L - a lady member Me : may I get in ? (There were 5 interviewers and one among them is female. Their head is a sardarji and I will denote him as M1) M1 : please take your seat. Your biodata is practically blank( my age is 23 and since I don't have any distinctions other than my degree I left it mostly blank). So you choose the topic from which we could ask you. Me : ( I don't know what to say. I was dumb for 10 seconds. Then I told them to ask questions from my hobby and current scenarios) M1 : tell me your hobbies. Me : I read books, play cricket, outing with friends, play diplomacy (an online board game). M2 : what type of books do you read? Me : history, sir. (Everyone astonished and congratulated me. ) M2 : what are the books have you read? Me : India after Gandhi, makers of modern Asia , 1000 years of Russian history. And I am currently reading history of mughal empire by VD Mahajan . M1 : VD Mahajan book is very old right? Me : yes sir it is from 1970. I bought it in a old book shop. And I have read another book thousand years of Russian history. It was written during first world war. (I was trying to impress them and also had some arrogance which I regret very deeply) M1 : who is its author? Me : it's author is Sowie. She was a Russian woman who married a British. In order to educate British public about her homeland she wrote it sir. M1 : which 1000 years the book has covered Me : from 8th century when the founder of modern Russia Rurik lived to assassination of last czar M1 : when was last czar assassinated? Me : 1917 sir (Everyone disagreed. Since I read the book almost 1.5 years ago I knew I may be wrong.) Me : don't know sir M2 : who assassinated him? Me : the Communists - Bolsheviks and Mensheviks sir. M2 : do you know the meaning of these names? Me : no sir. M4 : why only Russian histiry? Why not ancient Tamil history? Me : I don't know Tamil history sir. To a certain extent I read Tamil literature sir. M1 : whatever he told you are reading it only to a certain extent? ( he told it with a disappointing face) Me : I smiled uncomfortably M2 : let us leave history. What are the indicators that measure an Economy? Me : there are some indicators that measure wealth and others which measure welfare. M2: no no I am talking about economy in general Me : GDP sir M2 : OK next. Me : proportion of India's GDP in worlds GDP sir.(I didnot get his question from start. He was expecting certain answers and I don't know what they are) M2 : it is still GDP right . it does not have any use. Me : sir but it has great geopolitical value. M2: OK but others Me : I looked at him confused. M2 : inflation. Does it measure economy? Me : yes sir. Recently the inflation is low sir. It was released yesterday sir. M2 : what is the other indicator that was released with it? Me : iip sir. Index of industrial production. M2 : what is it? Me : it measures manufacturing output of the economy sir. M2 : what indicator it is? Whether it is lean or ( something I forgot). Me : what is lean indicator or the other one. M2 : you ha e to tell that. Me : (I smiled.) I don't know sir. M2 : other indicators? Me : investment sir. It measures how economy will progress in future sir. M2 : OK. What is the correct name for it? Me : gross fixed capital formation sir M2 : k. What is size of gdp and what is it growth rate? Me : I don't know the current sir but with Google it is around 2.3 sir M2 : 2.3 what? Me : trillion dollars sir.( it was 2.3 T dollars) M2 : k what is it growth rate.? Me : the growth rate for Q1 for fy 18 is 5.7% and GVA rate is 5.6% sir. M2 : what is Quarter 1? Me : it is from April to June sir. M2 : what is GDP? Me : it is a measure of output of an Economy. M2 : k. What is GVA? Me : it is aggregate of the value addition of every industry in the economy. M2 : k.what is difference between GDP and GVA? Me : GDP is calculated using many methods like product, expenditure and income methods. GVA is product method estimation of GDP. M2 : kk. But exactly what is the difference. Me : (I repeated the same answer. But he expected more than that). I don't know it sir. M2 : is the growth rate you have given real growth? Me : yes sir. L1 : what is the difference between real and nominal GDP? Me : real GDP does not include inflation by calcuting by base year while nominal is not. M2 : which is higher real or nominal? Me : it depends upon inflation sir. Presently inflation is low. M2 : yes but is it higher? Me : (I repeated the same answer and they said OK let's leave it. Nominal will be higher however low inflation is as long as it is not deflating. The nominal rate is around 11% . I knew it but it didn't strike in my mind. I don't know why?) M3 : what is balance of trade? Me : the Difference between exports and imports of an Economy. M3: which is? Me : how much exports are more than the imports . M3 : k. Then what is balance of payments? Me : similar to BOT. how much inflows are more than the outflows in an Economy. M3 : k. Can accounts with foreign currency can be opened here? Me : yes sir. M3 : can you name one such account? Me : ( I was in one of those situations where we know the answer but the words are not getting out of your mouth. I tried a lot). Sir it is....... Foreign currency.... L1 : foreign currency non resident account M3 : yes sir. That one. ( I smiled very nervously) M3 : in what currency balance of payments are calculated. Me : I think it is in ruppees sir. May be in dollars too. ( I think the correct answer is dollars. But they didnot tell anything) M4: how rbi regulates banks? Me : it is asking banks to keep reserve ratios and other interest rates. M4 : that is not regulation. Me : it is conducting onsite and offsite inspection. M4 : that is not regulation too. It is supervision. Me : rbi decides the minimum capital to open banks. M4 : yes. Me : it decides how much should each share holders should hold. M4 : yes. What is the minimum capital for commercial banks? Me : 500 crores sir M4 : yes. For payment banks Me : 100 crores sir. M4 : yes. L1 : what are the financial institutions other than banks regulated by rbi.? Me : (after a pause). Nbfcs. some nbfcs are regulated by sebi also. Nbfcs in money market are regulated by rbi. (This time too I got blacked out though I knew the answer and I don't know why. And even the above sentence I said with very much doubt. I tried hard to come out of the blacked out and at last accepted the defeat. After I said) I don't know mam. M1 : thank you. You can go now.( sardarji smiled. This is the first time he smiled throughout the interview. He asked counter questions to my initial replies with a grin face. I thought he didn't like me. I don't know still. I smiled back. I was very disappointed with my performance and walked out of the room with a disappointed face.) This is my interview experience guys. As I have told earlier I am very disappointed in my performance. Bcos sardarji was showing grin face to me except in the climax and the questions I did not answer are the ones I knew the answer. They told me to be not to be nervous twice or thrice during the interview as i was very much. My phase 2 performance was good not super, so I relied on interview. The fear of not getting selected is grilling me. But I still hope. I AM WAITING!!! ( for the positive results).
After IBPS RRB po ,
RRB clerk ,
IBPSclerk ,,
RBI assist ,
NIACL ao ,
i made to ippb scale 1 as well.
only 1 left .
Congratulations to everybody who reached till the interview of this examination 😊 I need some advice. I'm currently doing my PGDBF course from Syndicate Bank (Manipal). Couldn't get selected for SBI PO 😔 I'm really admant on clearing the exam next year and also appearing for RBI grade B exams. The problem is that I stopped studying after joining this course. So I've not practiced banking questions for nearly 5 months. Please suggest me what to do 🤔
(It is a long post. I have posted it for the new guys as well as for me for next years to review my mistakes).
Chairman : I like one thing in your biodata.Your hobby is spending time with dogs.So which dog you have ?
Me:Sir,I dont have a dog now.But I had one.
CM: Why ? ANS : Now I stay in rent and so there are some limitations.
CM: OK.Pariah dog I know.It has good immunity against diseases. Me: (I could not understand if that was question or statement.)So I just said yes Sir.
M1( Bank of Baroda wala guy) : Functions of RBI?
Me: answered with full speed.(in halfway, I was stopped)
M1:What are the regulatory tool used by RBI ?
ME: Started saying CRR,SLR...but M1 interrupted.
M1:Those are liquidity tools .What are regulatory tools ?
Me : Sir, regular inspections.........blank for few seconds.Then said I dont know as I was unable to recollect.
M1:So you are working in Customs as inspector.Why do you want to join RBI? Your present job not good ?
ANS : Customs is better, I mean good..if someone joins as Assistant commissioner. (I think I should not have said this.....I had a planned answer...but due to nervousness plan did not work out.I should have praised RBI).
M1 : So can you not become Assistant commissioner ? ANS: Sir, for that I have to pass upsc. M2:He looks dissatisfied. He thought I am preparing for UPSC...though I am not a UPSC aspirant.
M2(South Indian Guy) : What in inflation.(answered).How it is measured ?
Me : Year on year basis.
M2.That is fine.But how it is measured ?
Ans : Sir using Laspeyres formula.
M2.That is ok.But how it is measured? Very common.
Me : Still thinking...then answered Sir CPI and WPI
M2: What is WPI ?
Me :Answered.
M2 : What is base year of CPI ?
Ans : 2011-2012
M2 :Actually it is only 2012 and smiled.
M2:In monetary policy which is used and why ?(Answered...)
Guys...now below is the my major mistake in the interview.
M2:Weighatge of food in CPI ?
ANS : I was doubtful ..I was not sure.Just said 37 %.(It is 45 % ).
M2.HMMMM.37 % ?
ME : Yes Sir .(I should have said I dont know Sir)
M2 : Which sector has highest weightage in WPI ?
ANS : Sir....Manufacturing .
M2:Weighatge ?
Ans : I dont know Sir.
M2 : Ok, if food inflation moves up...which index will be increased higher ?
Ans : CPI .
M2 nodded.I think last question was asked to check whether I am bullying or I have committed a bonafide mistake.
(This south Indian Guy always ask numbers and figures)
M3 : Ok, now let us shift to some general awareness questiosns.Tell me election procedure of President and vice presidents.
Me : ( I read that in Polity book many months ago,so I had just a blurred idea).StilI went on correctly...blah blah blah....lastly I said nominated members of parliament cant vote.
Chairman : So in which house of parliament you have nominated members.
Me : Sir in Rajya Sabha...total 12 no of noinated members.
Chairman nodded.
M3 : Difference between Headline and core inflation ?
ANS : I have read it well...and started answering ...but as I was nervous I thought that I have exchanged the definition of each other.So after few second I said ,’Sir, I think I HAVE COMMITTED A MISTAKE”.
Chairman took over : Ok,tell me if food inflation is included it is headline or core ?
Ans : Headline Sir.
Chairman : Then, u were right .( actually I was answering the rightly..lol)
Madame :Ok , you see there are issue called loan waiver.Should we do this ?
Ans : No
Madame : Why ?
Ans :Sir..... It will break credit discipline of people.
(I addressed mdame as Sir...but quickly I realised the blunder and said sorry maam and continued with answer.Madame just smiled and nodded).
Madame : How ?
Ans : If loan waiver is given , then some other people will again demand it and so on.
Madame : You see, the farmers are poor and many of them have committed suicide.No question was asked but she was looking at me....
Ans : Maam loan waiver is a quick fix solution.We need structural changes in our agriculture .
Madame : Like ?
Ans : Better irrigation facility , cheap fertiliser , cheap electricity ....and we can also use DBT.
Madame : Is DBT good ?
Me : It is better than loan waiver.
Madame : Thankyou.You may go.
Me :Thankyou madame and Sir and have a nice day.
(I made many mistakes despite I knew answers.I was very nervous and my nervousness was visible while answering the question of Headline and core inflation.I think the nervousness was construed as lack of confidence by the board members.Chairman rescued me two times.Therefore I do not think I will get above 22-23)
Friends please give ur suggestion: I m working in a private bank as Probationary officer for last 1 year.... they are following same payscale as like nationalised banks. I m in reserve list of ibps rrb clerk post last year...the result may b declared in December 2017. if I selected in reserve list of rrb bank clerk , Shall I quit my present job n join as clerk in rrb bank or shall I continue as officer in private bank? Which is better decision...please give ur suggestions friends
12 Oct Jaipur
Chairman: Your hobby is writing Hindi short stories so you must be good in writing stories in govt files, Great
Me: Just smiling
CM: Who is your favourite writer
Me: Sir Premchand
CM: You don’t like Mahadevi stories"
Me: Sir, Her stories are technically "Sansmaran" and "Rekhachitra"
CM: Nirala
Me: He was mainly poet and also wrote some novels.
CM: You were working in GOI and mention personal as reasons for resignation so I shall not ask reason yet you can share if you are comfortable.
Me: shared
CM: You are now joining as RO in state govt, what is RO
Me: It is equivalent to Section Officer in central Govt.
CM: Your next promotion to Under Secretary, Good
CM: What is largest expenditure of Govt
Me: Confused and replied salary
CM: No, I say Interest payment is more than salary
Me: yes Sir
CM: But is not largest expenditure
Me: Sir, subsidy
M1: How DBT can help both govt and beneficiaries (asked in Hindi, Now I also switched to Hindi)
Me: It will reduce leakage, improve efficiency of delivery mechanism, reduce time gap in distribution and eliminate middleman. (explained detailed working of JAM and its challenges)
M1: Other important subsidy reform
Me: Deregulation of Petro Product price
CM: how DBT will benefit beneficiaries.
Me: Explained blah blah (Passage for Economic Survey)
M1: Name some Scheme, where DBT has been implemented
Me: JSY, Scholarship Kerosene, Pension
M1: Pension (with question mark face)
Me: Sir, Old age pension scheme where central and state contribute 200 Rs each
M2: Have you heard about Wholesale bank and Longterm banks
Me: Yes,Sir
M2: What of purpose these banks
Me: Sir, provide funds for long gestation projects and develop specialization for funding such projects
CM: Which committee proposed these banks
Me: Sorry sir, No idea (Yaad aa raha tha perhaps Nachiket Mor but i always avoid answering factual questions, if i m not 100% sure)
CM: Why we need these banks
Me: Repeat old answers
CM: But every commercial bank has specialised department to deal with such projects and creation of new banks will transfer NPA problem from one to other bank as reasons are not banks but external
Me: only affirmation mein mundi hila di, He was expaining to me rather asking question.
CM: Have you heard about differentiated banking
Me: Yes sir but gave no opportunity to explain.
M2: Differentiated btw Wholesale and Longterm banks
Me: Blank (Yeah sabh kya hai) sorry, No idea sir
M2: what's are proposed terms and conditions for these banks according to discussion paper
Me: ratta hua tha bak dala
Minimum capital 500 cr, No SLR, PSLR, CRR
M3: What are long term and short-term benefits and loss of demonetisation
Me: Sir, although it is said most of cash black money has been deposited in system yet now CBDT can identify tax evader, move also gave massages that Govt can go to any extent to curb tax evasion and black money. If demonetisation is followed up by other measures such as implementing tax, real estate reforms it will improve tax compliance and reduce corruption, black money generation
M3: interrupting, and loss
Me: Cash shortage negatively impact informal sector and rural economy, which is being reflected in GDP Data.
CM: Interrupting, but now currency has been reissued, in few months GDP will recover.
Me: Yes Sir, in long term, its impact would be positive or neutral on GDP.
M3: Govt is promoting digital payments
Me: Yes sir
CM: Do you think India can become cashless economy
Me: Cashless not possible but it will progress towards less cash economy
M3: How
Me: Sir, We are young nation with increasing no of internet and smartphone savvy youth, internet penetration, education. New generation prefers digital mode due to less cost and ease blah blah
M3: Why not cash less economy
Me: Many are illiterate and when It comes to digital transaction even educated one hesitate to use it bcoz of various threats and lack of awareness, know how. Outside Metros, if one has cash, his/her bargaining power is more than digital mode. One can get better discounts on cash payments.
CM: Do you use digital payment
Me: Mostly, use cash only, when no other option available
Lady Member: You are IT graduate
Me: Yes Mam
LM: What is CBS and its benefits
Me: explained in detail
LM: and disadvantage
Me: Hain, Kya hoga, Sorry No idea
LM: CBS increase threats
Me: Ohh,We call these challenges not disadvantages(apnay app say)
Explained DDOS attacks, theft of data, cyber frauds with examples from India
LM: What should be done to prevent these attacks
Me: First all system and security software's should be up to date (Gave example of Wannacry ransomware, which attacked system using outdated Window XP vulnerability)
Second, we need a central dedicated agency to continuous monitor and detect threats and vulnerability
LM: But everyday new threats emerges
Me: It is reason we need continuous monitoring and detection Mechanism, about to start CERTIN- FIN proposed in budget but CM interrupts and said thank you
INterview transcript: 9th October , Chandigarh
I was the last person to be interviewed
CM: (after mandatory grettings) have a seat Abhishek
me: thank you sir
CM: So why did you skip this paper last year?
me: Sir it was because of the UPSC cycle.
CM : So are you preparing for UPSC?
me: Sir i gave 5 attempts and 4 mains. But i could not qualify mains. So from this year onwards I started giving bank exmas. (Mentioned all the exams that I had given and the results I obtained)- Guess I was on a adrenaline overdose 👍
M1(the economist): Ahh! its a rat race and mains is a great wall.
me: Smiled again and nodded my head
M1(the economist): So you are the last person to be interviewed today. I give you the liberty to be asked the question of your choice
me:(smiling) Its a very big responsibility sir.(All of us had a laugh)
M1: Its a trap!
M1 Okay so how do you keep yourself updated with day to day affairs
m2: Sir I read 2 newspapers economic times and live mint( Adrenaline overdose!)
M1: Mint! good! So Yashwant sinha in his article said that economy is headed for a HARD Landing. WHat is it?
me: Sir would be a STAGFLATION like situation.(explained what stagflation is)
CM: (interupted) why is it called stagflation?
me: Pardon me sir I have no idea(PS: stagnation+inflation)
M1: What are types of assets?
me: I'm sorry sir but I could not understand what your are trying to ask?(assest classiification by banks or some other stuff)!!!
CM: (again interrupting) Okay have you heard about ASSET BUBBLES?
me: sir, it is an inflation in price of an asset primarily due to speculation by the people in hope of fetching higher return in future. The price is inflated to such a point that the underlying assest cannot support it and the price crashes which we call Bursting of the bubble.
CM: OKay. what you're saying is right. But what is the most important condition for forming of bubbles?
me: SPECULATION. Gave example of the housing sector.
CM: leaving speculation aside any other?
me: Sorry sir I cannot recollect any other
CM: Its LIQUIDITY
me: (Nodded my head). Right sir it didn't strike my mind (Then we both nodded our heads .haha)
M3: okay what are 3 major challenges Indian banks are facing?
me: NPA ... and started guessing after it. CONSOLIDATION........
M3: You leave consolidation aside...(I had no idea apart from these 2!!)
me: I mentioned the TWIN BALANCE SHEET problem
M1: That can be included in the NPA section itself
M1(the economist): Okay what is a Soverign wealth fund??
me: I mindlessly started blabbering about Soverign Gold bond!!!!!!!
M1: Soverign wealth fund is a bond??????????
me: (realising my mistake) I'm so sorry sir. I got the wring idea. (facing the south Indian I began)- Soverign wealth fund is find manged by or on behalf of the central government of any soverign state.
M2(South Indian sir): Okay but what is it???
me: Gave example of a pension fund. Mentioned the NORWEGIAN PENSION FUND.
M2: (First he denied that it was a soverign fund. Then after a couple of minutes he admitted that it was a type of soverign wealth fund.) But what is the definition?
me: (smiling again) Sir i can only explain it in the context of pension funds
M2:(laughing) okay. (then saying) Norwegian pension funds is the world's largest pension fund
me: Yes sir it is(and many more smiles)
M2: what is a hedge fund??
me: Again started with HEDGING, was interrupted by the CM: Hedging is different what are hedge funds??). Sir hedge funds are profit seeking funds which have a large pool of money moving swiftly between economies
M2: how are they different from other funds?
me: (gave the example of quatar soverign wealth fund investent in the NIIF). Said that it was a long term investment and had long gestation period. On the other hand hedge funds move money swiftly when they seek profits. It is HOT MONEY
M2: What is HOT MONEY
me: answered. Added that we faced a currency crises in 2012 beacuse of this HOT MONEY leaving the economy and had to enter into a CURRENCY SWAP agreement with Japan.(looking towards all members)
M2: what is a currency swap?
me: answered(smiles and laughs again)
M2: You might have heard that hedge funds have shown interest in Indian startups. SO they can be good also.
me: Nodding my head looking confused(I had no idea that hedge funds invested in risky assets expecially startups)
M4(the LADY): What is base rate?
me: (began with sir, saw the horryfying expression on her face. Realised my mistake )Pardon me Ma'am. answered
M4: who sets them?
me: banks themselves
M4: which rate has been introduced by the RBI?
me:(Said sir again, again apologised) Ma'am MCLR
M4: what does it consists of?
me: answered(this time I said ma'am)
M4: what about the savings side? who sets the interest rates on saving accounts?
me: Ma'am the banks themselves
M4: what is the savings rate now?
me: Ma'am its 4% across most banks but recently SBI reduced it to 3.5%
M4: what is the highest rate offered in savings account?
me: Sorry Ma'm I don't know
M4: Its that kotak mahindra bank wala 6%
me: OKay ma'am I didn't know that
Mandatory salutaitions: THE END
I didn't find the interview stressful. But i faced the problem of information overload and may be a little adrenaline overdose. Calling the Lady sir twice might be seen as negative and my slip of mind on HEDGING and SOVERIGN wealth funds were a bit on the negative side. All in all I have no idea how the interview went(20 min). Your views are welcome