mahendras English Language Questions | RBI GRADE "B" AND NICL AO 2017 | 20.03.2017 ~ Daily Current Affairs,English,SBI PO,IBPS

Saturday, 20 May 2017

English Language Questions | RBI GRADE "B" AND NICL AO 2017 | 20.03.2017

  English Language Questions | RBI GRADE "B" AND NICL AO 2017 |15.05.2017


Read the following passage carefully and answer the questions given below it. Certain words are given in bold to help you locate them while answering some of the questions.




The threat by petroleum retailers to stop accepting credit and debit card payments led to a late-night intervention by the Centre, with the Minister for Petroleum, declaring that the protest action had been put off till January 13. Fuel dealers raised a red flag on the decision by certain banks to levy the merchant discount rate (MDR) of up to one per cent on card payments. After the demonetisation exercise began, the government had waived the service tax on the MDR surcharge from December 8 for card-based payments up to ₹2,000 and got banks to waive the MDR charges on debit cards till December 31, 2016. By Monday, the Petroleum Minister said that neither the consumer nor the dealers, operating on thin margins, would bear the MDR for fuel refills even after January 13. Stakeholders, he said, will absorb the cost, but it is still not clear who will bear the cost of going cashless — banks are not out of line in expecting some revenue in return for facilitating transactions through point of sale (PoS) devices. Since 8th November 2016, public sector banks have been advised by the Centre to charge a maximum of ₹100 a month as PoS device rentals from small merchants, and the move has benefited 6.5 lakh of the 15 lakh PoS devices. Public sector oil marketers were asked to offer a 0.75 per cent discount to customers using non-cash means to tank up. The Railways, public sector insurers and others have been asked to offer discounts or charge lower rates for cashless transactions; so more such spats could occur, although the Centre has promised to foot the bill for some of these subventions.

Petroleum outlets are particularly important for a cash-lite economy push as they handle nearly ₹2 lakh crore of cash a year. Queues at banks have eased, but the weekly withdrawal limits haven’t been lifted. In a situation where people are cash-strapped and the government is nudging them towards alternatives, the uncertainty of the sort created at fuel pumps should be avoided as it could lead to a crisis of confidence. Last February the Cabinet had given the nod for rationalising MDR charges. An expert panel to recommend legislative and other changes was constituted in August and it mooted greater transparency in fees for digital payments, protection for private data of consumers, a mechanism to ensure they will not be liable to pay for unauthorised transactions or system errors, and the creation of a new payments regulator. To build confidence in a less-cash economy, people nudged into a new way of life need clarity and consistency in policy along with a visible road map to secure their confidence. Lucky draws alone won’t suffice.

Q.1. According to the passage, what has not been lifted even if the queues at banks have eased?

(1) Daily withdrawal limits have not been lifted.
(2) Money has not been lifted.
(3) Weekly withdrawal limits haven’t been lifted.
(4) People have not been lifted.
(5) Private data of consumers have not been lifted.

Explanation- Answer lies in the 2nd paragraph.

Q.2. Which of the following statement/s is/are NOT TRUE in context to the passage?
(A) Public sector oil marketers were asked to offer a 0.75 per cent discount to customers using cash means to tank up.
(B) Petroleum outlets are particularly important for a cash-lite economy push as they handle nearly ₹2 lakh crore of cash a year.
(C) In a situation where people are cash-strapped and the government is nudging them towards alternatives, the uncertainty of the sort created at fuel pumps should be avoided as it could lead to a crisis of confidence.
(1) Only A
(2) Only B
(3) Only A and C
(4) Only B and C
(5) Only A and B
Q.3. What have public sector banks been advised by the Centre since 8th November 2016?
(1) Public sector banks have been advised to charge a maximum of ₹100 a month.
(2) Public sector banks have been advised to return the amount taken by the public.
(3) Public sector banks have been advised to charge a minimum of ₹100 a month.
(4) Public sector banks have been advised to take care of the amount of the public..
(5) Public sector banks haven’t been advised to charge a maximum of ₹100 a month.
Explanation- Answer lies in the 1st paragraph.
Q.4. Which of the following statement/s is/are TRUE in context to the passage?
(A) Queues at banks have eased, but the weekly withdrawal limits haven’t been lifted.
(B) The Railways, public sector insurers and others have been asked to offer discounts or charge lower rates for cashless transactions
(C) Since 8th November 2016, public sector banks have been advised by the Centre to charge a maximum of ₹100 a month as PoS device rentals from small merchants
(1) Only A
(2) Only A and C
(3) Only B and C
(4) Only C
(5) All A, B and C
Q.5. According to the passage, The Railways, public sector insurers and others have been asked to __________________
(1) Recommend legislative and other changes
(2) Offer discounts or charge lower rates for cashless transactions.
(3) Charge lower rates for cashless transactions
(4) Customers using non-cash means to tank up
(5) Offer a 0.75 per cent discount to customers
Q.6. Which of the following is possibly the most appropriate TITLE for the passage?
(1) Public sector banks
(2) Oiling cashless wheels
(3) Merchant discount rate (MDR)
(4) Digital payments
(5) Consumer and the dealers
Q.7-8. Choose the word/group of words is most SIMILAR in meaning to the word/group of words printed in bold as used in the passage.
Q.7. WAIVED
(1) approved    (2) expedited      (3) acknowledged      (4) removed       (5) refused
Q.8. SUFFICE
(1) displease         (2) enough        (3) dissatisfy       (4) mistake    (5) stupendous
Q.9-10. Choose the word/group of words is most OPPOSITE in meaning to the word/group of words printed in bold as used in the passage.
Q.9. ABSORB
(1) build     (2) mislead    (3) finish      (4) anguish    (5) ingest
Q.10. AVOIDED

(1) faced    (2) met       (3) permitted     (4) dodged      (5) seen
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