Directions (Qs. 1-10): Read the following passage carefully and answer the questions given after the passage. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
According to an old saw, Britons are more likely to get divorced than ditch their bank. That may not be quite true (in 2010, 3.8% of customers changed their bank accounts, while 1.1% of married people divorced), but it’s certainly the case that the British are loth to swap their current accounts. While 10% of electricity users switch every year, one study suggests that by 2023 only around 5% of bank customers will move their money in any one year.Human inertia has a lot to do with this – there’s always something more exciting to do than read one’s statements, even if it’s only collecting lint. But it’s not the only factor: Sir Donald Cruickshank’s report into banking in 2000 rightly identified the numerous obstacles to switching. It was also a theme of the Vickers review – which has prompted this week’s overhaul of the current account switching service. Where before it could take anything up to 30 working days to move from one bank to another, the new standardised system will take a maximum of seven. It should also be better at handling the migration of direct debits.No doubt this will make the lives of customers easier. Even so, this particular overhaul deserves only one cheer. For one thing, the monitoring of its success is not quite as energetic as it might be. For another, it is hard to see what incentive there is to swap banks, when there are so few big banks to choose from. In that respect, it is of a piece with the other financial reforms announced since the crash: fine, as far as it goes, but not the answer. Let us deal with the monitoring point first: the payments council, which sets the strategy for how bank payments are made in the UK, is also largely funded by banks and building societies. Perhaps then it is unsurprising to see that its criteria for judging whether the new switching service is a success are rather modest. They comprise: whether customers know about the service; whether customers feel confident in the service; and how well it performs. Not included on that brief list is how many people actually use the service.This would appear to be a classic case of the financial industry setting its own homework and making sure the questions aren’t too hard. For a more searching investigation, we shall have to wait until the Office of Fair Trading look into things in 2015. Why the wait? Moreover, why not take up the challenge from the Treasury select committee, and allow customers to carry their account numbers with them wherever they go – which would have been a big step forward. And without the breaking up of the giant banks, all customers are really being offered is a slightly easier, shorter journey between a rock and a hard place.
1.What according to the author is true to make customers feel easy to handle their money?
a.Direct tranfer of money in a day to bank accounts
b.New system that will take only a week to thirty days to tranfer
c.Switching service that will help to deposit money in other banks
d.Finacial industries setting up in their own cities
e.None of these
2.According to the passage, which of the following is not true?
a.It is difficult to choose banks as they are in small numbers.
b.Success of switching service depends on number of customers using it.
c.Only 3.8 percent of custormers switch every year.
d.It is advisable to allow customers to carry their account numbers.
e.None of these
3.Which of the following would be a suitable title of the passage.?
a.New Financial industry- a boon for your money
b.Changing banking system
c.Current account money- safe or unsafe
d.Financial switching for customers
e.Current account switching-move your money
4.What is the central idea of the passage?
a.Current account swtiching should be encouraged
b.Banks are the sole entity to take up the decision of switching bank accounts
c.Switching bank account depends on how effective and easier the service is for customers.
d.Switching bank account service is easier and helpful for customers.
e.None of these
5.Which of the following suggestions author has given in the passage?
I. There sholud be more funded banks and building societies.
II.It should not be allowed to customers to carry their money in cash.
III.customers should be allowed easier services without breaking the big banks.
b.I & III
d.II & III only
e.I, II & III
Directions (6 to 7): Choose the word which is most SIMILAR in meaning of the word printed in bold as used in the passage.
Directions (8 to 10): Choose the word which is most OPPOSITE in meaning of the word printed in bold as used in the passage.
Answers will be provided soon