While a lot of strategy is available for Phase 1 of Rbi Grade B exam online, the same cannot be said for Phase 2. Strategy for Phase 2.
1. English: 4 days ( Good understanding of ESI and FM will help you to write Essay and Letter/Report)
2. Economic and Social Issues: 10 days ( Datta Sundaram, Uma Kapila, Ram Ahuja )
3. Finance and Management: 12 days ( Principles of Management by Koontz)
Step 1: Take print out of syllabus ( Use simplified syllabus which I have posted on group)
Step 2: Take printout of last three years papers of all subjects.
Step 3: Identify your strong and weak areas and first try to focus on strong areas. 
Step 4: Write atleast one paper of each subject. Use relevant diagrams and flowcharts wherever necessary. Good handwriting is added advantage. But don’t worry atleast it should be legible. 
Step 5: Simple way is search study material on internet topic wise rather than searching hard copy of study material.
Step 6: Economic Survey, Budget, NCERT Books, RBI Website, Planning Commission reports, Websites of Ministries cover all syllabus.
Step 7: Take short notes for revision. Note down 20-25 important facts and figures ( As per your judgement).
Step 8: My formula of answer writing, it can be used in Essay, ESI, FM. SPELT i.e. try to cover S-Social, P-Political, E-Economical and Environmental, L-Legal and Constitutional, T-Technological aspects in your answer.

In Phase-II Written Examination (Descriptive type), following five things (at least) can make a candidate successful:

(1) Answer writing skill i.e. organized or well structured answers, it means answer should be in a flow.
(2) Concepts/Theory 
(3) Relevant practical examples
(4) Diagram wherever applicable
(5) Facts

Whole game of the descriptive type exam runs around these skills. First skill i.e. organized answer is the most important and it can be learnt by answer writing practice. Second skill i.e. Concepts/Theory can be learnt from standard books or coaching notes. Third skill i.e. relevant practical examples can be collected from books, notes, newspapers, magazines. Fourth skill i.e. Diagram can be collected from books, notes, internet. And last skill i.e. Facts are collected from books, magazines, newspapers and internet.
Now I describe them one by one

(1) Organized answers :

Writing an answer in an organized manner is most important. A person having more knowledge or facts can not get more marks if he/she does not write an “organized answer”. What is the “organized answer”? How can you write it? Organized means, writing an answer in such manner in which answer is written in systematical form and in sequence. E.g. If question is “Write a short note on CAR?” then you have to make an answer format. Initially make it on a page and do practice so that you can make it in your mind itself in future. Format for above question can be-
1. write definition or meaning of CAR (Introduction paragraph)
2. Recently, why was it in news ? (Introduction paragraph)
3. Importance or significance of CAR in National and world economy (Paragraph(s) of main body)
4. Effect of CAR on Indian economy- positive and negative (Paragraph(s) of main body)
5. Suggestions (Paragraph(s) of main body)
6. Conclusion ( Last paragraph)

This is very simple format. You should try to make similar formats for every type questions (easy or tough ) . This can be learnt after doing writing practice and asking to check these answers to your friends. Even you can check yourself these answers after 8 days. Now, I elaborate few points of formats.

(i) In case of introduction, first sentence should start with a basic concept and should be impressive.
e.g. Consider this question- Is inflation beneficial to the economy ? 
First sentence for this can be – Inflation is related to the purchasing value of the money.
And second sentence can start from the definition of the important word, here it is inflation.
2nd sentence can be any one of these – (a) It means a sustained increase in the aggregate or general price level in an economy. or
(b) It is the percentage change in the value of the Wholesale Price Index (WPI) on a year-on year basis.
I think (b) should be written as 2nd sentence because it shows that candidate has done some hard work to learn concepts. And (a) shows general and a layperson who without doing enough study can write this much. Although, both are correct, but (b) is more impressive than (a). You may/should think better sentences than me.
I pick-up next example from “Sustainable Development and Environmental issues(Paper-II)”, If question is on related to “Global Warming”, first sentence for this can be- Global warming is a global phenomena. And,…… You can choose such impressive sentences from the books, magazines for every topic of syllabus. Thereafter, you should try to make first sentence from your own.
After first sentence and definition, third part of introduction should be related to the exact demand of the question.
(ii) In the body part i.e. the next paragraphs after introduction paragraph. You should maintain connectivity with every paragraph. Connectivity is important to create a flow in the answer. For beginners, who do not know how to connect paragraphs they can start next paragraph with any one of the following words . I suggest please find more words.
– Further,
– Again,
– In addition to this,
– Additionally,
– Besides,
– In this way,
– In this manner etc
Once, you get excellency in connectivity, there will be very less/no need of these words.Further, Even every sentence should be connected with the next sentence.

II. If you want to write “effects of something” i.e. effects of CAR on Indian economy. First, write positive effects and thereafter negative effects. Every time, this should be sequence. Even, in a question only negative effects are asked then you should write 20% positive effects and thereafter 80% negative effects in paragraphs. If positive effects are asked then proportion will be changed, Now, 80% for positive and 20% for negative. Try to write both aspects if question demands so. Actually, it is the part of an organized and structured answer. It will show your analytical skill and a balanced answer.

III. When question demands “suggestions”, then break suggestions in some fields and then elaborate. These fields are Social, Economical, Political, Science and Technology, International etc. What comes under these fields? You can find answer of this question from the chapters of the basic book of the concerned field. E.g. In a social issue book, the chapters will be on population explosion, communalism, religion, caste, child abuse, violence against women, education, health, crime etc. So, first ,you should give suggestions related to these chapters wherever they are applicable. And at later part of answer, give remaining suggestions.
IV. Conclusion should be futuristic and should show your positive personality.

V. Do not repeat main word in the paragraph; instead use synonyms of that word when you are using it time and again.

VI. Avoid to write “headings” in the answer, because, in an answer with headings, examiner can not judge your organization skill. Consequently, he/she may allot you relatively less marks. However, when there is only 5 to 10 minutes more to finish an examination and you have to write 2 or 3 answers, please write in heading forms so that whole examination paper could be completed. 
You should do more practice on writing introduction and conclusion of any question because generally examiner remembers introduction and conclusion while allotting marks. And, body part is almost same of everyone. In fact , presentation and conceptual clarity can make a difference. 

(2) Concepts/Theory :

This is the second most important part although without this, ‘organized answers’ can not be written. Therefore, make self-notes on each topic. Now, I write one of the best way of making “notes”.
(a) First, allot an A-4 size page for every topic and write topic name on the top of that page. Strictly there should be one page for one topic. It is possible only when you will be writing on them in very small size. This will also give you psychological advantage during revision because you will be able to revise whole syllabus within 3 to 4 hrs duration. 
(b) Read a topic many times so that the main conceptual points with some explanations can be adjusted in one page.
(c) On the back side of the page, make diagrams and write examples which you have collected recently.
(d) In such manner, you will complete notes for phase – II exams in few pages.

(3) Examples :

You should collect at least one example per sub-topic( i.e. main headings of the topic) so that you can easily insert an relevant example in the answer. But, sometimes you may not find any relevant example in your hand-notes, don’t worry, this deficit can be filled by diagrams or numerical facts in the examination.

(4) Diagrams : 
(a) Collect at least one diagram or figure for each sub-topic. Make them on the back side of your notes.
(b) Start to make diagrams, flow-chart etc with the use of your creative mind. Such diagrams will always be relevant to answer because these are made by you, not copied from anywhere.

(5) Facts : 
These are numerical facts, name of welfare programs, schemes, years etc. Try to remember those numerical facts which can be used in many answers, because, memorization of several facts for longer time is difficult.

There is no short cut for this stage and with the exception of Paper I (English), it requires some effort and focused preparation. Candidates who do not regularly appear for such subjective examinations or have undergone degrees that do not require them to write essay type answers in examination are advised to devote some time to honing their written composition skills as part of their preparation. Ultimately, coherence in presentation and lucidity of the language of the answer matters a lot, when there is not much to distinguish between answers of candidates.

Good luck- God bless you.

Other web refrences-

Investopedia.com
Livemint.com
Eximguru.com
commodityonline.com
Indianotes.com
Business.gov.in
Moneycontrol.com
Economicshelp.org
Economicstimes.com
Allbankingsolutions.com
Bannknetindia.com

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