Reading Comprehension Based on IBPS PO Mains Pattern (For Canara Bank PO) - 24th November 2018


English Language Quiz For Canara Bank PO

Canara Bank PO Exam is on its way and a lot of aspirants are heading towards new hopes with this upcoming opportunity. Thus, the English Language can be an impetus for their success by helping them save crucial time and score good points in lesser time and effort. So, instead of boiling the ocean, try building up a strong vocabulary, an effective knowledge of grammar, and efficient comprehension skills so as to be on the ball to face this particular section. Here is a quiz on English Language being provided by Adda247 to let you practice the best of latest pattern English Questions for upcoming Canara Bank PO Exam.




Directions (1-5) Read the following passage carefully and answer the questions that follow. 

India is still a cash economy but if anything managed to chip away at that, even if just slightly, it has been the rapidly innovating digital wallets industry. Startups including Paytm, Oxigen Services and Mobikwik helped the Indian economy take baby steps towards digitisation, handholding and enticing customers with cashbacks and discounts to make the transition from cash to digital.

On February 28, that Rs 12,000-crore digital wallets industry got stranded unable to meet a Reserve Bank of India deadline for collecting information on all customers. In effect, customers who haven’t furnished all the information required under RBI’s full know-your-customer norms will not be able to use their digital wallets (except to use up whatever money remains in their wallets).

Collecting all that information, including biometric details, is cumbersome and so far digital wallet providers have managed to gather full KYC details for fewer than 10% of their customers. In other words,………………………………(A)……………………………….. In the tightly regulated world of banking and finance, mobile wallets brought in a whiff of fresh air. As the first segment of financial technology players in the country, these wallets disrupted banks in more ways than one. For many young customers, their first point of contact with formal banking was through a mobile wallet.

The biggest advantage that digital wallets, or prepaid payments instruments (PPI), brought was the easy onboarding. All a user had to do was download the app, verify their mobile number, link a bank account through a debit or credit card, and begin transacting. It was as simple as that! Now, customers have to submit photo ID proofs, link their Aadhaar identity numbers, and submit biometric details, making the process almost like opening a bank account. Even so, RBI made full KYC mandatory for digital wallets to reduce fraud in the system and eventually bring in interoperability among the wallets.

Q1. Which of the following words can replace the word given in bold in the passage?
dismissing
abandoning
dissuading
alluring
None of the Above
Solution:
Enticing: attractive or tempting; alluring.

Q2. Which of the following can be inferred from the passage above?
While banks were still using National Electronic Fund Transfer (NEFT), payment companies like Oxigen and ItzCash (now EbixCash) latched on to IMPS.
the number of digital wallet transactions for buying goods and services accounted for only a small fraction of all digital wallet transactions.
Having excluded digital wallets from the interoperable instant settlement system, banks got a huge leg-up.
India is still a cash economy and anything that has been able to weaken it, even if just slightly, it has been the rapidly innovating digital wallets industry.
None of the Above
Solution:
Refer first sentence of the first paragraph "India is still a cash economy but if anything managed to chip away at that, even if just slightly, it has been the rapidly innovating digital wallets industry."

Q3. A blank is given in the passage in (A). Which of the following phrases can complete the sentence correctly?
that 10% have benefitted the most from the digital wallet industry.
that’s an overnight erosion of 90% of their customer base.
the KYC details are difficult to manage and requires a lot of funds.
thats a great advantage with addition of 90% of consumer base.
None of the Above
Solution:
The correct phrase is 'that’s an overnight erosion of 90% of their customer base.' because in the former part of sentence it is written that KYC details of fewer than 10% have been gathered which means 90% of consumer base has been reduced or lost.

Q4. Which of the following statements is/are true in context of the passage? 
(I) Customers had to furnish all the information required under RBI’s full know-your-customer norms to use their digtal wallets.
(II) Mobile wallet had become a first point of contact with banking for many young customers. 
(III) Mobile wallet providers promise to stay firm and fight the next battle harder, hoping to eventually win the war against cash.
Only (I)
Only (II)
Only (III)
Both (I) and (II)
Both (II) and (III)
Solution:
Both (I) and (II) are correct. For statement (I) refer the following line 'In effect, customers who haven’t furnished all the information required under RBI’s full know-your-customer norms will not be able to use their digital wallets (except to use up whatever money remains in their wallets).' in second paragraph. For statement (II), refer the following line 'For many young customers, their first point of contact with formal banking was through a mobile wallet.' in paragraph 3.

Q5. What is/are the reason behind RBI's decision to make full KYC mandatory for digital wallets?
Reduce frauds inside the banks.
Reduce frauds and bring in interoperability among the wallets.
To make digital transactions more easier and convenient.
To store large amounts of data easily.
Both (b) and (c)
Solution:
Refer the last line of the passage 'Even so, RBI made full KYC mandatory for digital wallets to reduce fraud in the system and eventually bring in interoperability among the wallets.'

Directions (6-9) Read the following passage carefully and answer the questions that follow. 

Digital payments have shown a consistent growth trend in the month of April as well against the number of transactions clocked in March, Reserve Bank of India data shows. While cards and IMPS transactions have maintained the similar trend, mobile wallets which had fallen in March have showing a smart pick up in April, having grown 11% in terms of number of transactions. According to RBI data, in April wallets showed 279 million transactions against 268 million in the previous month. This, however, is still lesser than 310 million transactions wallets clocked in February, the month before full KYC guidelines were enforced by the RBI. Further last year April, wallets had seen more than 320 million transactions, almost 15% higher.

Simultaneously cards have shown consistent growth. Credit cards have clocked 133 million transactions against 128 million in the previous month. Similarly debit cards showed 1 billion transactions across both the months. Putting these figures in perspective against last year numbers, the growth is obvious with cards clocking 20% more at 1.2 billion transactions against 1 billion last April. While in case of credit cards the major chunk is from card swipes at merchant outlets, debit cards still have 70% share of transactions coming from ATMs, as per April data.

The number of PoS terminals in the country grew to 3.16 million against 3.13 million in March. Simultaneously debit cards in the system also jumped 5.2% to 906 million in April against 861 million in the previous month. Similarly, UPI— the smartphone-based payment mechanism—has also retained its growth rates having clocked 189 million transactions in April as well. Last year April, UPI had clocked 7 million transactions. In terms of the amount of money paid, cards still have remained the dominant form of payment at Rs.355 crore for April against Rs 133 crore for prepaid payment instruments.

Q6. What is the style of writing used in the passage above?
Narrative
Descriptive
Laudatory
Argumentative
None of the Above
Solution:
The writer has used descriptive style of writing as it offers a detailed description of the subject and a detailed report of the subject.

Q7.Which of the following words can replace the word given in bold without changing the meaning of the sentence?
steady
irregular
sudden
harsh
Both (a) and (b)
Solution:
Both steady and consistent have the same meaning, i.e., unchanging in nature, standard, or effect over time.

Q8. Which of the following statements is/are true in context of the passage? 
(I) Credit cards have clocked 133 million transactions against 128 million in the previous month.
(II) In case of credit cards the major chunk of transactions is from card swipes at merchant outlets. 
(III) In case of debit cards, 70% share of transactions is coming from ATMs.
Only (I)
Only (II)
Only (III)
None is correct
All are correct
Solution:
All are correct as per the passage.

Q9. A line is given in bold and italics in the passage. There is an error in one part of that sentence. Which of the following is the part that has an error in it?
While cards and IMPS transactions have
maintained the similar trend, mobile wallets
which had fallen in March have showing a smart pick up in April,
having grown 11% in terms of number of transactions.
None of the Above
Solution:
Error is in the part given in option (c). 'shown' must be used here instead of 'showing'.

Directions (10-11) Read the following passage carefully and answer the questions that follow. 

Digital transactions got a leg-up post demonetisation, in turn giving a hinder to mobile wallets, or e-wallets, and the Unified Payments Interface (UPI) platform. While mobile wallets dominated the market immediately after the cash ban, since November 2017, the UPI platform has beaten e-wallets hands down in terms of the value of transactions. Also, the volume of UPI transactions has been steadily increasing; though the volume of mobile wallet transactions is still higher, UPI volumes have recorded higher growth month-on-month. 

Q10. Which of the following words, opposite in meaning, should replace the word given in bold to make it contextually correct and meaningful?
rapid
conquer
stability
boost
roast
Solution:
Leg-up means to get an advantage over as used in first part of sentence. So, 'hinder' is inappropriate here and 'boost' should be used here.

Q11. Which of the following can be inferred from the passage above?
Both (b) and (c)
Demonetisation was planned to make India a cashless economy from a cash economy.
Demonetisation has given a boost to digital transactions and UPI platform.
UPI platforms are far better than e-wallets in operations.
None of the Above
Solution:
'Demonetisation has given a boost to digital transactions and UPI platform.' This is the theme of the passage as it clearly mentions that digital transactions have got a boost post demonetisation.

Directions (12-15) Read the following passage carefully and answer the questions that follow. 

The Market Digital Payments Industry including net banking, credit/debit card transactions, prepaid cash cards, mobile wallet and IMPS was estimated at $14.51 Billion in 2013. Out of 800 million online transactions made in 2013, 53% were made using credit (21%) and debit cards (32%), while 44% came from Internet banking. The rest were (A)………………… to Mobile Wallet, Pre-Paid Cash cards and Immediate Payment systems (IMPS). The current size of m-commerce – 4% of the market, is significantly low. At present, mobile payments form a miniscule part of the overall digital payments industry in India. However, contribution from phones and tablets is expected to increase to 30% by 2020. Mobile Payments in India is estimated to grow from $86 million in 2011 to $1.15 billion in 2016, with a compound annual growth rate (CAGR) of 68%. The M-wallet market is projected to grow at a CAGR of around 30% in the next five years from 2015-2019. Market of m-wallet segment includes transferring of money, services related to banking transactions, value added services such as shopping, ticketing, recharging, and bill payments. In this segment, the highest 38% market share is captured by money transfer businesses, followed by recharge and bill payments, and utility areas by 30% and 12% respectively.

Q12. Which of the following words should fill in the blank given in (A) in the passage?
depicted
attributed
comendable
reported
Both (a) and (b)
Solution:
Attribute means regard something as being caused by. Hence, 'attributed' is the correct form of the word to be used here.

Q13. A line is given in bold in the paragraph. Which of the following can be correctly inferred from it?
The miniscule part of the overall digital payments industry in India is of mobile payments due to the present cirumstances.
At present, mobile payments form a substantial part of the overall digital payments industry in India.
The part that mobile payments cover in the overall digital payments industry in India is quite small.
Both (b) and (c)
The contribution of mobile payments is commendable in the digital payments industry in India.
Solution:
'Miniscule' means extremely small; tiny. So, the sentence given in (c) gives the same meaning as the sentence given in bold.

Q14. What is the style of writing used in the passage above?
Narrative
Satirical
Laudatory
Argumentative
None of the Above
Solution:
None of the Above. The style of writing used here is descriptive because it offers a detailed description of the subject and a detailed report of the subject.

Q15. Which of the following is incorrect in context of the passage?
Out of 800 million online transactions made in 2013, 53% were made using credit and debit cards together , while 44% came from Internet banking.
Remittances in developing countries is to grow by 5 per cent.
Million-dollar investments are being pumped into the mobile payments industry.
Both (b) and (c)
All are correct
Solution:
Both statement (b) and (c) are incorrect and have not been mentioned in the paragraph.

               

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