As SBI has released the much-awaited vacancies for the post of Probationary Officers, we have launched subject-wise quizzes for the exam. It will include quizzes of all the subjects- Quantitative Aptitude, English, Reasoning and Computer. All these quizzes will be strictly based on the latest pattern of SBI PO exam and will be beneficial for your preparations. So, keep following the quizzes which will provide you a set of 10 questions daily.
Here, we are providing you important questions of English Language for SBI PO 2019 exam.
Directions (1-10): 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.
Does India need a new law for consumer protection in finance? One lesson from the global financial crisis is that unsuitable housing loans sold to poor, uneducated consumers could pull down the world’s financial system. Very few people would have believed that sub-prime loans, which constituted a very small part of housing loans and that too only in one country, could trigger a crisis that led to banks failing, money markets crashing, governments falling, countries going bankrupt, millions becoming unemployed and the GDP of many nations going down. This is not to argue that the sale of unsuitable housing loans was the only regulatory failure that led to the global crisis, but an important lesson is that a regulatory system that does not prevent the sale of unsuitable financial products to consumers could be putting the financial system and the entire economy at risk. Not only is consumer protection an important end in itself, if it lies at the heart of financial regulation, bad practices that result in the failure of firms and markets can be checked.
Today in India, there is very little reference to consumer protection in primary legislation in the financial sector. Not surprisingly, none of the financial laws on which regulation is based, and which were written long before there was clear thinking about the need for consumer protection, provides consumers with basic rights or protections. Nor do they give regulators a specific set of relevant powers to pursue the objective of consumer protection. It is not treated as a core pillar of financial regulation. Many countries are rewriting laws to bring this perspective into financial sector regulation.
Some regulators have issued regulations based on the general rule-making powers given to them in their respective laws. For example, SEBI issued Disclosure and Investor Protection Guidelines in 2000. Various guidelines have been issued by the RBI and IRDA to protect consumers in banking and insurance. However, consumer protection regulation remains weak and varies across different sectors and services.
Q-1Why did SEBI issue Disclosure and Investor Protection Guidelines in 2000 ?
01. To make it mandatory for consumers to disclose their income and investments
02. To spread awareness about profitable investment avenues
03. To ensure consumer protection in the financial sector
04. To make financial services accessible to the poor
05. All of the above were the reasons
Q-2 Which of the following body is responsible for protecting consumer interests in the field of insurance?
A. RBI B. SEBI C. IRDA
01. Only A
02. Only C
03. Only B and C
04. Only A and C
05. All of the above
Q-3 Why in Indian financial laws, there is little emphasis on consumer protection ?
01. The companies functioning in the financial market do not let laws be made to check their operations.
02. People who made laws were not aware of the need for consumer protection
03. One should have absolute freedom to take financial decisions and the constitution does not intervene in that
04. Consumers are educated enough to protect their own interests
05. Not mentioned in the passage
Q-4 Which of the following is TRUE , according to the author ?
01. RBI issues guidelines to protect consumers investing in stock markets
02. Sub-prime loans constituted a huge part of housing loans
03. Many countries are rewriting laws to bring consumer protection into financial sector regulation.
04. Sale of unsuitable education loans was the regulatory failure that caused the global crisis
05. All of the above
Q-5 Which of the following was not a consequence of global financial crisis ?
01. Many countries went bankrupt
02. Millions of people lost their employment
03. Governments of many countries failed
04. GDP of many countries reduced
05. All of the above were the consequences
Q-6 The author has discussed all the points in the passage except-
01. Many countries have felt the need for consumer protection
02. Guidelines issued by SEBI to protect consumers investing in stock markets
03. Prime reason behind the global financial crisis
04. Sale of financial products and safety of a nation’s economy are not linked
05. In India, regulators do not have special powers to ensure consumer protection
Q-7 Choose the word which is most nearly the SAME in meaning as the word printed in bold as used in the passage.
Perspective
01. Aspect
02. Relation
03. Philosophy
04. Method
05. Attitude
Q-8 Choose the word which is most nearly the SAME in meaning as the word printed in bold as used in the passage.
Treated
01. Advised
02. Interrogated
03. Criticized
04. Considered
05. Rectified
Q-9 Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Led to
01. Produced
02. Required
03. Availed
04. Prevented
05. Accelerated
Q-10 Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Checked
01. Stifled
02. Modified
03. Delayed
04. Verified
05. Allowed
ANSWERS
Q1. (3)
Q2. (2)
Q3. (2)
Q4. (3)
Q5. (5)
Q6. (4)
Q7. (1)
Q8. (4)
Considered
For other options:
Interrogated (v)- questioned
Rectified (v)- corrected
Q9. (4)
Prevented
For other options:
Availed (v)-taken advantage
Accelerated (v)-quickened
Q10. (5)
Allowed
For other options:
Stifled (v)-prevented
Verified (v)- checked accuracy of
