English Language Quiz For IBPS |RBI | SBI | NABARD | 19-05-2022

 

Dear Readers,

Mahendras has started special quizzes for IBPS  |RBI  | SBI  | NABARD  so that you can practice more and more to crack the examination. This IBPS  |RBI  | SBI  | NABARD   Exam special quiz series will mold your preparations in the right direction and the regular practice of these quizzes will be really very helpful in scoring good marks in the Examination. Here we are providing you the important question of reasoning ability for the IBPS  |RBI  | SBI  | NABARD .

1-5. Read the following passage carefully and answer the questions given below it. Certain words have been given in bold to help you locate them while answering some questions.

Need to make a speedy money transfer to a sick relative or a troubled friend? Or do you want to pay your utility bills while having a vacation in Turkey? The advent of immediate payment services (IMPS) on mobile phones gives you the option to carry out such transactions using your cellular data connection or even via SMS. To avail of IMPS, you need to register for this service with your bank. Subsequently, you will receive a mobile money identifier (MMID) and a mobile PIN from your bank. To get started, download an application on your phone. Make sure that your mobile is compatible with the software. Alternatively, if the bank offers IMPS via SMS, all you need is your phone’s messaging service. One thing to keep in mind before sending money to anyone is that they need to obtain a mobile money identifier as well. The procedure for funds transfer varies from bank to bank. In case you’re using an application, you have to select the account for IMPS fund transfer, enter the beneficiary’s 10-digit mobile number and seven-digit MMID, followed by the amount you wish to transfer. What follows is an authentication procedure that also varies across banks. For example, in the case of ICICI Bank, you will need to enter a code based on the grid values at the bank of your debit card. Once this is accomplished, funds transfer is instantaneous and you receive a confirmation by SMS. To transfer funds using your mobile via SMS, you will be required to send an SMS to a number specified by your bank along with certain details. This SMS could be in the form of IMPS, as in the case of Andhra Bank. IMPS transactions may incur a fee determined by your bank. For example, in the case of ICICI Bank, transactions up to Rs 10,000 attract a fee of Rs 2.50, while you’ll pay Rs 5 in case of transactions between Rs 10,000 and Rs 1 lakh. In case the sum is between Rs 1 lakh and Rs 2 lakh, it’ll cost you Rs 15 to make the transfer. An additional service tax is charged for this transaction. But not all banks charge a fee for using IMPS. For example, no such fee is levied by Citi Bank, though it limits such transactions to Rs 50,000. The biggest advantage of IMPS over conventional inter-bank mobile transactions is that settlement is conducted in real-time, instead of in batches through the NEFT mechanism at the discretion of your bank. The system really does not have anything going against it, except that it was initially available only through the mobile applications provided by banks. In India, the penetration of mobile banking applications is still at a low level, compared to internet banking. To offset this, some banks are offering IMPS service through their Internet bank application and through their ATM networks.

The only reason that IMPS has not reached its full potential, is that there has not been enough promotion about the benefits, efficiency and simplicity of the system. .Transactions are carried out over secure lines and the RBI has ordered that all transactions by mobile phones over Rs 5,000 need to be encrypted. However, caution still needs to be exercised. As it is said, the strength of a chain is in the weakest link. Most systems get compromised at the customer interaction dimension, be it careless use of payment cards, disclosure of sensitive information like password and so on.

1 What would be the correct sequence of processes involved in using mobile application for transferring funds through IMPS?

(A) Amount wished to be transferred

(B) Enter beneficiary’s 10 digit mobile number

(C) Select the account in which the fund is to be transferred

(D) Enter seven digit MMID

01. ABCD

02. BDAC

03. CDBA

04. BACD

05. CBDA

2 Which of the following details would not be required for transferring funds via SMS, in case of Andhra Bank?

01. Beneficiary mobile number

02. Amount

03. MPIN

04. Your ATM PIN

05. All of the above

3 Which of the following does not fit in the procedure of availing of IMPS service?

01. One needs to download the IMPS application on one’s mobile phone.

02. One has to get oneself registered, for IMPS service, with one’s bank

03. One should lodge complaint with the bank if one’s mobile does not accept the software while downloading.

04. After registration, one gets MMID and a mobile PIN from the bank.

05. The mobile should be compatible with the software.

4 What are banks doing to have more and more customers availing IMPS service?

01. They are offering IMPS service through ATM networks.

02. They are offering IMPS service charging a substantial amount as fee.

03. They are offering IMPS service through internet bank application.

04. Only 1 and 3

05. Only 2 and 3

5 Choose the word which is most nearly the OPPOSITE in meaning as the word given in bold as used in the passage.

Instantaneous

01. Delayed

02. Initiated

03. Happened

04. Fast

05. Sought

6-10. Rearrange the following sentences (A), (B), (C), (D), (E) and (F) in the proper sequence to form a meaningful paragraph, then answer the questions given below them.

A. A conciliation mechanism available in the tax treaties between the two countries.

B. The amount that the government garners could be lower than the original tax demand, but these trade-offs are inevitable in negotiations.

C. The resolution will make sure that an MNC is not taxed twice on the same income and gets the due tax credit, providing relief to any taxpayer.

D. It’s heartening that India and the US have resolved long drawn disputes on transfer pricing

E. It also bolsters MAP as a preferred route to settle cross border tax disputes.

F. Through the mutual agreement procedure (MAP).

6 Which of the following would be the SECOND statement after rearrangement?

01. F

02. D

03. C

04. B

05. A

7 Which of the following would be the FOURTH statement after rearrangement?

01. B

02. E

03. A

04. F

05. C

8 Which of the following would be the THIRD statement after rearrangement?

01. A

02. E

03. F

04. B

05. D

9 Which of the following would be the LAST statement after rearrangement?

01. D

02. E

03. C

04. A

05. B

10 Which of the following would be the FIFTH statement after rearrangement?

01. E

02. F

03. A

04. D

05. B

Answers:-

Q.1 (5)

Q.2 (4)

Q.3 (3)

Q.4 (4)

Q.5 (1)

Q.6 (1)

Q.7 (5)

Q.8 (1)

Q.9 (5)

Q.10 (1)