Unlike CAT, RAT (Research Aptitude Test) is not a unified exam. Evert IIM conducts its own admission process for FPM and thus the pattern of RAT varies from IIM to IIM. One of the patterns is termed as minor RAT followed at IIMB and at a few other IIMs. The RAT consists of different types of CAT questions including questions on verbal skills, logical reasoning, quantitative etc. However, the quantity of questions is less and the questions are distributed differently. Questions are designed to determine minimum eligibility requirements and are not meant for elimination thus the overall test is not too difficult.
It's important to note that the RAT pattern for each of the IIMs changes every year. Though some preparation definitely needs to be made for these exams, I would not suggest giving more time to prepare for interviews than the written exam.
The IIM B test for getting into a fellowship program which is also known as RAT is difficult. It can be challenging if you haven’t prepared for CAT/GMAT/GRE/JRF in the past or took any kind of prep course. The examination includes theory questions from specific areas of Game Theory, Calculus, or other advanced techniques from standard undergrad syllabus but the examination syllabus isn’t limited to these topics.
IIM B test isn’t an aptitude test like CAT. As these are area-specific tests, a good weightage is given to the test score for evaluation.