English Sectional Test 1 for IPPB Scale I Officer Prelims Exam

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : Find the correct statement as per the above passage

A) The Reserve Bank of India is against setting up of payments regulators board.
B) The government panel formed favors the setting up of payments regulator board
C) RBI is not in favour of external members in the regulatory board

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question :Which of the following are the recommendations of governments committee headed by Ratan Watal regarding digital payment?

A) Setting up of an independent regulator for payment space with independent members but within the reach of RBI
B) Bringing systematically important payment providers under the RBI regulation
C) Including equal members in the PRB from RBI and other fields.

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : Which factors have been taken into consideration while estimating the Rs 21000 crore amount that the cash dependence of India imposes on the economy as per Watal committee?

A) Cost of printing new notes
B) Cost imposed by counterfeit notes
C) Costs of currency chest
D) Cost of maintaining supply to the ATM

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : What is RBIs preference for the Payments Regulatory board(PRB)?

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : The monetary policy committee has how many members that are appointed by RBI?

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : Government of India has moved forward to bring in independent regulators for which sectors?
A) telecom
B) pension
C) insurance
D) power

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : Find the word which means most similar to FRICTION as mentioned in the passage.

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : Find the word which means most opposite to PROLIFERATION as mentioned in the passage.

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : Find the word which means most similar to OVERARCHING as mentioned in the passage.

[Question 1-10] : Read the following passage and answer the question that follows.

The Reserve Bank of India (RBI), like the government panel on digital payments, favours setting up of an independent payments regulator. It has proposed constituting a payments regulatory board (PRB) along the lines of the monetary policy committee (MPC) wherein the policies and regulations are taken independent of the central bank but the regulation and supervision remains with RBI. While favouring inclusion of external members, the central bank has sought equal representation for itself like in the case of MPC. The monetary policy committee that decides on key policy rates has six members—three appointed by the RBI and the balance are independent members appointed by the Union gh seovernment.

The government’s committee on digital payments, headed by former finance secretary Ratan Watal, had recommended an independent regulator for the payments space with independent members but within the overarching framework of the central bank. The committee, which had members from the government, RBI and the industry, submitted its report to the government on 9 December. The Watal committee had also suggested bringing payment providers that are classified as systemically important under the central bank’s regulation. If the recommendations of the committee are accepted by the Union government, it will reinforce the move towards having independent regulators for important sectors of the economy. Over the years, the government has moved to bring in independent regulators for sectors like telecom, real estate, insurance and pension as these sectors opened up.

“I am reluctant to see a proliferation of regulators. The entire digital payments space needs to be regulated by RBI as payments are essentially banking in nature. It is important that the regulator remains within RBI to avoid any friction,” said Rahul Matthan, a partner at Trilegal. “The payments space in India is not mature enough but when you see this kind of uptake, it is important to look at the regulations,” he added.

The committee’s recommendations of setting up of an independent regulator reinforce the importance of the sector that has grown at a rapid pace over the last few years. The government’s recent push to promote cashless transactions and reduce the usage of cash follows the withdrawal of Rs500 and Rs1,000 banknotes on 9 November.

It is estimated that four out of five of all consumer payments in India are undertaken in cash. The Watal committee had estimated India’s dependency on cash imposes an estimated cost of Rs21,000 crore on account of various aspects of currency operations—including cost of printing new currency, costs of currency chest and costs of maintaining supply to ATM networks. This is excluding the external costs imposed by the use of cash, including the costs imposed by counterfeit currency and black money, the committee had said.

“For the PRB, RBI has indicated its preference is for a MPC style structure where the outcomes (policy/regulation/standards) are decided independently of RBI but the implementation (regulation and supervision of all payment systems) remains with the RBI in the present form. The proposed governance structure of PRB, a body that does not report to the central board of RBI and having external experts also as members, serves this purpose and leverages on the capabilities of RBI as the regulator of payment systems,” Chandan Sinha, executive director at RBI, said in an 8 December email that is part of the annexure of the report. On the composition of the PRB, the RBI has desired equal representation (by inclusion of a deputy governor and another central board director) as is the case with the MPC structure.

Question : Find the word which means most similar to LEVERAGES as mentioned in the passage.

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A) If the protests become rowdy, /(B) the police officers have been/(C) ordered to disengage /(D) and took a step backwards./(E) No Error

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A) While I have been offered /(B) a million dollars to stay overnight in the haunted house,/(C) my cowardice prevents me/(D) from partake in the adventure./(E) No Error

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A)The jargon used by computer programmers /(B) seems strange for people /(C) who do not program /(D) computers for a living. /(E) No error.

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A) It was ironic that I expect my friend /(B) to help me in a time of need, /(C) but the opposite happened when my enemy /(D) showed compassion towards me. /(E) No Error

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A)Paul grew up to be an amoral man /(B) because his parents /(C)never told him the difference /(D) in right and wrong./(E) No Error

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A) Unfortunately the product of the/(B) laboratory experiment is a foul-smelling /(C) emission that makes /(D) most people nauseous. /(E) No Error

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A)Despite the actor’s misgiving /(B) about the film, he accepts the role /(C) and won an Academy Award /(D )for his efforts./(E) No Error

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A)When the composer wanted /(B) inspiration for a love song, /(C)he would stare on the muse he had been married to /(D)for over thirty years.(E) No error.

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A) In an effort to win the war,/(B) the General instructed his troops /(C) to diverge in their hiding spot /(D) to surround the enemy./(E) No Error

[Question 11-20] : You have to determine which part of the sentence contains an error.

(A)It is almost impossible to find /(B) a detached house in a major city /(C) because builders can built more houses /(D) on a smaller lot of land if they are together./(E) No Error

[Question 21-25] Below few sentences are given in random order. You have to arrange them to form a meaningful paragraph and then answer the questions that follow.

(A) to cost while retaining the proscription on the broker charging the investor for his services.

(B) Not so long ago, regulatory restrictions on the remuneration of mutual fund distributors,

(C)by asking brokers to absorb the service tax, now a hefty 14%, in the commission they receive from fund houses.

(D)Now, the fund houses are themselves eating into the distributor’s revenues

(E)and their agents, had caused fund flow to the sector to dry up.

(F)The regulator amended its rule, allowing mutual funds to raise the share of investors’ money they can allocate

Question : Which of the following is the 2nd sentence after rearrangement? 

[Question 21-25] Below few sentences are given in random order. You have to arrange them to form a meaningful paragraph and then answer the questions that follow.

(A) to cost while retaining the proscription on the broker charging the investor for his services.

(B) Not so long ago, regulatory restrictions on the remuneration of mutual fund distributors,

(C)by asking brokers to absorb the service tax, now a hefty 14%, in the commission they receive from fund houses.

(D)Now, the fund houses are themselves eating into the distributor’s revenues

(E)and their agents, had caused fund flow to the sector to dry up.

(F)The regulator amended its rule, allowing mutual funds to raise the share of investors’ money they can allocate

Question : Which of the following is the 4th sentence after rearrangement? 

[Question 21-25] Below few sentences are given in random order. You have to arrange them to form a meaningful paragraph and then answer the questions that follow.

(A) to cost while retaining the proscription on the broker charging the investor for his services.

(B) Not so long ago, regulatory restrictions on the remuneration of mutual fund distributors,

(C)by asking brokers to absorb the service tax, now a hefty 14%, in the commission they receive from fund houses.

(D)Now, the fund houses are themselves eating into the distributor’s revenues

(E)and their agents, had caused fund flow to the sector to dry up.

(F)The regulator amended its rule, allowing mutual funds to raise the share of investors’ money they can allocate

Question : Which of the following is the 1st sentence after rearrangement? 

[Question 21-25] Below few sentences are given in random order. You have to arrange them to form a meaningful paragraph and then answer the questions that follow.

(A) to cost while retaining the proscription on the broker charging the investor for his services.

(B) Not so long ago, regulatory restrictions on the remuneration of mutual fund distributors,

(C)by asking brokers to absorb the service tax, now a hefty 14%, in the commission they receive from fund houses.

(D)Now, the fund houses are themselves eating into the distributor’s revenues

(E)and their agents, had caused fund flow to the sector to dry up.

(F)The regulator amended its rule, allowing mutual funds to raise the share of investors’ money they can allocate

Question : Which of the following is the LAST(6th) sentence after rearrangement? 

[Question 21-25] Below few sentences are given in random order. You have to arrange them to form a meaningful paragraph and then answer the questions that follow.

(A) to cost while retaining the proscription on the broker charging the investor for his services.

(B) Not so long ago, regulatory restrictions on the remuneration of mutual fund distributors,

(C)by asking brokers to absorb the service tax, now a hefty 14%, in the commission they receive from fund houses.

(D)Now, the fund houses are themselves eating into the distributor’s revenues

(E)and their agents, had caused fund flow to the sector to dry up.

(F)The regulator amended its rule, allowing mutual funds to raise the share of investors’ money they can allocate

Question : Which of the following is the 5th sentence after rearrangement? 

[Question 26-30] : Find the missing word in the following passage.

In 2008, (26)____ the global banking industry was being shaken by the tremors of the unfolding financial crisis, only one bank in India felt the aftershocks, and this, only because one of its overseas subsidiaries had made an opportunistic bet on debt issued by the failed investment bank Lehman Brothers. While the market valuations (27)_____ but their businesses were not affected and their balance sheets remained healthy.

The Indian banking industry is evolving rapidly, and is at the threshold of explosive growth. Changing customer needs, technology-enabled disruptive business models, and a progressive regulatory environment are driving fundamental shifts in the industry, fueling innovation and forcing banks to (28)_____ their business strategies. Indian banks, like institutions in other markets, resist fundamental change through innovation. Recent (29) ____ by banks, such as lean mobile branches, solar-powered ATMs, and “tablet-based” banking do not really challenge the status quo; they simply (30)_____ existing customer access and convenience.

[Question 26-30] : Find the missing word in the following passage.

In 2008, (26)____ the global banking industry was being shaken by the tremors of the unfolding financial crisis, only one bank in India felt the aftershocks, and this, only because one of its overseas subsidiaries had made an opportunistic bet on debt issued by the failed investment bank Lehman Brothers. While the market valuations (27)_____ but their businesses were not affected and their balance sheets remained healthy.

The Indian banking industry is evolving rapidly, and is at the threshold of explosive growth. Changing customer needs, technology-enabled disruptive business models, and a progressive regulatory environment are driving fundamental shifts in the industry, fueling innovation and forcing banks to (28)_____ their business strategies. Indian banks, like institutions in other markets, resist fundamental change through innovation. Recent (29) ____ by banks, such as lean mobile branches, solar-powered ATMs, and “tablet-based” banking do not really challenge the status quo; they simply (30)_____ existing customer access and convenience.

[Question 26-30] : Find the missing word in the following passage.

In 2008, (26)____ the global banking industry was being shaken by the tremors of the unfolding financial crisis, only one bank in India felt the aftershocks, and this, only because one of its overseas subsidiaries had made an opportunistic bet on debt issued by the failed investment bank Lehman Brothers. While the market valuations (27)_____ but their businesses were not affected and their balance sheets remained healthy.

The Indian banking industry is evolving rapidly, and is at the threshold of explosive growth. Changing customer needs, technology-enabled disruptive business models, and a progressive regulatory environment are driving fundamental shifts in the industry, fueling innovation and forcing banks to (28)_____ their business strategies. Indian banks, like institutions in other markets, resist fundamental change through innovation. Recent (29) ____ by banks, such as lean mobile branches, solar-powered ATMs, and “tablet-based” banking do not really challenge the status quo; they simply (30)_____ existing customer access and convenience.

[Question 26-30] : Find the missing word in the following passage.

In 2008, (26)____ the global banking industry was being shaken by the tremors of the unfolding financial crisis, only one bank in India felt the aftershocks, and this, only because one of its overseas subsidiaries had made an opportunistic bet on debt issued by the failed investment bank Lehman Brothers. While the market valuations (27)_____ but their businesses were not affected and their balance sheets remained healthy.

The Indian banking industry is evolving rapidly, and is at the threshold of explosive growth. Changing customer needs, technology-enabled disruptive business models, and a progressive regulatory environment are driving fundamental shifts in the industry, fueling innovation and forcing banks to (28)_____ their business strategies. Indian banks, like institutions in other markets, resist fundamental change through innovation. Recent (29) ____ by banks, such as lean mobile branches, solar-powered ATMs, and “tablet-based” banking do not really challenge the status quo; they simply (30)_____ existing customer access and convenience.

[Question 26-30] : Find the missing word in the following passage.

In 2008, (26)____ the global banking industry was being shaken by the tremors of the unfolding financial crisis, only one bank in India felt the aftershocks, and this, only because one of its overseas subsidiaries had made an opportunistic bet on debt issued by the failed investment bank Lehman Brothers. While the market valuations (27)_____ but their businesses were not affected and their balance sheets remained healthy.

The Indian banking industry is evolving rapidly, and is at the threshold of explosive growth. Changing customer needs, technology-enabled disruptive business models, and a progressive regulatory environment are driving fundamental shifts in the industry, fueling innovation and forcing banks to (28)_____ their business strategies. Indian banks, like institutions in other markets, resist fundamental change through innovation. Recent (29) ____ by banks, such as lean mobile branches, solar-powered ATMs, and “tablet-based” banking do not really challenge the status quo; they simply (30)_____ existing customer access and convenience.