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

 
Q1. Which of the
India is still a cash economy but if anything managed to chip away at that, even if just slightly, it has following words
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 can replace the
customers with cashbacks and discounts to make the transition from cash to digital. word given in bold
 
On February 28, that Rs 12,000-crore digital wallets industry got stranded unable to meet a Reserve in the passage?
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). 1. dismissing
Collecting all that information, including biometric details, is cumbersome and so far digital wallet
2. abandoning
providers have managed to gather full KYC details for fewer than 10% of their customers. In other 3. dissuading
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 4. alluring
the country, these wallets disrupted banks in more ways than one. For many young customers, their 5. None of the
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 Above
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.
Directions (1-5) Read the following passage carefully and answer the questions that follow. Q2. Which of the following can
  be inferred from the passage
India is still a cash economy but if anything managed to chip away at that, even if just slightly, it has above?
been the rapidly innovating digital wallets industry. Startups including Paytm, Oxigen Services and 1. While banks were still using
Mobikwik helped the Indian economy take baby steps towards digitisation, handholding and enticing National Electronic Fund
customers with cashbacks and discounts to make the transition from cash to digital. Transfer (NEFT), payment
  companies like Oxigen and
On February 28, that Rs 12,000-crore digital wallets industry got stranded unable to meet a Reserve ItzCash (now EbixCash) latched
Bank of India deadline for collecting information on all customers. In effect, customers who haven’t on to IMPS.
furnished all the information required under RBI’s full know-your-customer norms will not be able to 2. the number of digital wallet
use their digital wallets (except to use up whatever money remains in their wallets). transactions for buying goods
and services accounted for only
Collecting all that information, including biometric details, is cumbersome and so far digital wallet a small fraction of all digital
providers have managed to gather full KYC details for fewer than 10% of their customers. In other wallet transactions.
words,………………………………(A)……………………………….. In the tightly regulated world of banking and finance, 3. Having excluded digital
mobile wallets brought in a whiff of fresh air. As the first segment of financial technology players in wallets from the interoperable
the country, these wallets disrupted banks in more ways than one. For many young customers, their instant settlement system,
first point of contact with formal banking was through a mobile wallet. banks got a huge leg-up.
The biggest advantage that digital wallets, or prepaid payments instruments (PPI), brought was the 4. India is still a cash economy
easy onboarding. All a user had to do was download the app, verify their mobile number, link a bank and anything that has been able
account through a debit or credit card, and begin transacting. It was as simple as that! Now, to weaken it, even if just slightly,
customers have to submit photo ID proofs, link their Aadhaar identity numbers, and submit biometric it has been the rapidly
details, making the process almost like opening a bank account. Even so, RBI made full KYC innovating digital wallets
mandatory for digital wallets to reduce fraud in the system and eventually bring in interoperability industry.
among the wallets. 5. None of the Above
Directions (1-5) Read the following passage carefully and answer the questions that follow. Q3. A blank is given in the
  passage in (A). Which of the
India is still a cash economy but if anything managed to chip away at that, even if just slightly, it has following phrases can
been the rapidly innovating digital wallets industry. Startups including Paytm, Oxigen Services and complete the sentence
Mobikwik helped the Indian economy take baby steps towards digitisation, handholding and enticing correctly?
customers with cashbacks and discounts to make the transition from cash to digital. 1. that 10% have benefitted
  the most from the digital
On February 28, that Rs 12,000-crore digital wallets industry got stranded unable to meet a Reserve wallet industry.
Bank of India deadline for collecting information on all customers. In effect, customers who haven’t 2. that’s an overnight
furnished all the information required under RBI’s full know-your-customer norms will not be able to erosion of 90% of their
use their digital wallets (except to use up whatever money remains in their wallets). customer base.
3. the KYC details are
Collecting all that information, including biometric details, is cumbersome and so far digital wallet difficult to manage and
providers have managed to gather full KYC details for fewer than 10% of their customers. In other requires a lot of funds.
words,………………………………(A)……………………………….. In the tightly regulated world of banking and finance, 4. thats a great advantage
mobile wallets brought in a whiff of fresh air. As the first segment of financial technology players in the with addition of 90% of
country, these wallets disrupted banks in more ways than one. For many young customers, their first consumer base.
point of contact with formal banking was through a mobile wallet. 5. None of the Above
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.
Directions (1-5) Read the following passage carefully and answer the questions that follow. Q4. Which of the following
  statements is/are true in
India is still a cash economy but if anything managed to chip away at that, even if just slightly, it has context of the passage?
been the rapidly innovating digital wallets industry. Startups including Paytm, Oxigen Services and (I) Customers had to furnish all
Mobikwik helped the Indian economy take baby steps towards digitisation, handholding and enticing the information required under
customers with cashbacks and discounts to make the transition from cash to digital. RBI’s full know-your-customer
  norms to use their digtal
On February 28, that Rs 12,000-crore digital wallets industry got stranded unable to meet a Reserve wallets.
Bank of India deadline for collecting information on all customers. In effect, customers who haven’t (II) Mobile wallet had become a
furnished all the information required under RBI’s full know-your-customer norms will not be able to first point of contact with
use their digital wallets (except to use up whatever money remains in their wallets). banking for many young
customers.
Collecting all that information, including biometric details, is cumbersome and so far digital wallet (III) Mobile wallet providers
providers have managed to gather full KYC details for fewer than 10% of their customers. In other promise to stay firm and fight
words,………………………………(A)……………………………….. In the tightly regulated world of banking and finance, the next battle harder, hoping
mobile wallets brought in a whiff of fresh air. As the first segment of financial technology players in to eventually win the war
the country, these wallets disrupted banks in more ways than one. For many young customers, their against cash.
first point of contact with formal banking was through a mobile wallet. Only (I) Only (II)
The biggest advantage that digital wallets, or prepaid payments instruments (PPI), brought was the   Only (III)
easy onboarding. All a user had to do was download the app, verify their mobile number, link a bank Both (I) and (II)
account through a debit or credit card, and begin transacting. It was as simple as that! Now, Both (II) and (III)
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.
Directions (1-5) Read the following passage carefully and answer the questions that follow. Q5. What is/are the reason
  behind RBI's decision to
India is still a cash economy but if anything managed to chip away at that, even if just slightly, it has
make full KYC mandatory
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 for digital wallets?
customers with cashbacks and discounts to make the transition from cash to digital. 1. Reduce frauds inside
  the banks.
On February 28, that Rs 12,000-crore digital wallets industry got stranded unable to meet a Reserve 2. Reduce frauds and
Bank of India deadline for collecting information on all customers. In effect, customers who haven’t bring in interoperability
furnished all the information required under RBI’s full know-your-customer norms will not be able to
among the wallets.
use their digital wallets (except to use up whatever money remains in their wallets).
3. To make digital
Collecting all that information, including biometric details, is cumbersome and so far digital wallet transactions more easier
providers have managed to gather full KYC details for fewer than 10% of their customers. In other and convenient.
words,………………………………(A)……………………………….. In the tightly regulated world of banking and finance, 4. To store large amounts
mobile wallets brought in a whiff of fresh air. As the first segment of financial technology players in of data easily.
the country, these wallets disrupted banks in more ways than one. For many young customers, their
5. Both (b) and (c)
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.
Directions (6-9) Read the following passage carefully and answer the questions that follow. Q6. What is the style
Digital payments have shown a consistent growth trend in the month of April as well against the of writing used in the
number of transactions clocked in March, Reserve Bank of India data shows. While cards and IMPS passage above?
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, 1. Narrative
however, is still lesser than 310 million transactions wallets clocked in February, the month before full 2. Descriptive
KYC guidelines were enforced by the RBI. Further last year April, wallets had seen more than 320
million transactions, almost 15% higher.
3. Laudatory
  4. Argumentative
  5. None of the Above
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.
Directions (6-9) Read the following passage carefully and answer the questions that follow. Q7.Which of the
Digital payments have shown a consistent growth trend in the month of April as well against the following words can
number of transactions clocked in March, Reserve Bank of India data shows. While cards and IMPS replace the word
transactions have maintained the similar trend, mobile wallets which had fallen in March have showing given in bold without
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, changing the
however, is still lesser than 310 million transactions wallets clocked in February, the month before full meaning of the
KYC guidelines were enforced by the RBI. Further last year April, wallets had seen more than 320
million transactions, almost 15% higher.
sentence?
 
  1. steady
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 2. irregular
transactions across both the months. Putting these figures in perspective against last year numbers, 3. sudden
the growth is obvious with cards clocking 20% more at 1.2 billion transactions against 1 billion last 4. harsh
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. 5. Both (a) and (b)
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.
Directions (6-9) Read the following passage carefully and answer the questions that follow. Q8. Which of the following
statements is/are true in
Digital payments have shown a consistent growth trend in the month of April as well against the context of the passage?
number of transactions clocked in March, Reserve Bank of India data shows. While cards and IMPS (I) Credit cards have clocked
transactions have maintained the similar trend, mobile wallets which had fallen in March have showing 133 million transactions
a smart pick up in April, having grown 11% in terms of number of transactions. According to RBI data, against 128 million in the
in April wallets showed 279 million transactions against 268 million in the previous month. This, previous month.
however, is still lesser than 310 million transactions wallets clocked in February, the month before full (II) In case of credit cards the
KYC guidelines were enforced by the RBI. Further last year April, wallets had seen more than 320 major chunk of transactions is
million transactions, almost 15% higher. from card swipes at merchant
 
outlets.
 
(III) In case of debit cards, 70%
Simultaneously cards have shown consistent growth. Credit cards have clocked 133 million
share of transactions is
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, coming from ATMs.
the growth is obvious with cards clocking 20% more at 1.2 billion transactions against 1 billion last 1. Only (I)
April. While in case of credit cards the major chunk is from card swipes at merchant outlets, debit 2. Only (II)
cards still have 70% share of transactions coming from ATMs, as per April data. 3. Only (III)
The number of PoS terminals in the country grew to 3.16 million against 3.13 million in March. 4. None is correct
Simultaneously debit cards in the system also jumped 5.2% to 906 million in April against 861 million 5. All are correct
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.
Directions (6-9) Read the following passage carefully and answer the questions that follow. Q9. A line is given in bold
and italics in the passage.
Digital payments have shown a consistent growth trend in the month of April as well against the There is an error in one
number of transactions clocked in March, Reserve Bank of India data shows. While cards and IMPS
part of that sentence.
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 Which of the following is
RBI data, in April wallets showed 279 million transactions against 268 million in the previous month. the part that has an error
This, however, is still lesser than 310 million transactions wallets clocked in February, the month in it?
before full KYC guidelines were enforced by the RBI. Further last year April, wallets had seen more 1. While cards and IMPS
than 320 million transactions, almost 15% higher. transactions have
  2. maintained the similar
  trend, mobile wallets
Simultaneously cards have shown consistent growth. Credit cards have clocked 133 million
3. which had fallen in
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, March have showing a
the growth is obvious with cards clocking 20% more at 1.2 billion transactions against 1 billion last smart pick up in April,
April. While in case of credit cards the major chunk is from card swipes at merchant outlets, debit 4. having grown 11% in
cards still have 70% share of transactions coming from ATMs, as per April data. terms of number of
The number of PoS terminals in the country grew to 3.16 million against 3.13 million in March. transactions.
Simultaneously debit cards in the system also jumped 5.2% to 906 million in April against 861 million 5. None of the Above
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.
Directions (10-11) Read the following passage carefully and answer the Q10. Which of the
questions that follow. following words,
  opposite in meaning,
  should replace the
Digital transactions got a leg-up post demonetisation, in turn giving a hinder word given in bold to
to mobile wallets, or e-wallets, and the Unified Payments Interface (UPI) make it contextually
platform. While mobile wallets dominated the market immediately after the correct and
cash ban, since November 2017, the UPI platform has beaten e-wallets meaningful?
hands down in terms of the value of transactions. Also, the volume of UPI  1. rapid
transactions has been steadily increasing; though the volume of mobile 2. conquer
wallet transactions is still higher, UPI volumes have recorded higher growth 3. stability
month-on-month. 4. boost
5. roast
Directions (11-12) Read the following passage carefully and Q11. Which of the following
can be inferred from the
answer the questions that follow. passage above?
  1. Both (b) and (c)
2. Demonetisation was
  planned to make India a
Digital transactions got a leg-up post demonetisation, in turn cashless economy from a
giving a hinder to mobile wallets, or e-wallets, and the Unified cash economy.
3. Demonetisation has
Payments Interface (UPI) platform. While mobile wallets given a boost to digital
dominated the market immediately after the cash ban, since transactions and UPI
platform.
November 2017, the UPI platform has beaten e-wallets hands 4. UPI platforms are far
down in terms of the value of transactions. Also, the volume of better than e-wallets in
UPI transactions has been steadily increasing; though the operations.
5. None of the Above
volume of mobile wallet transactions is still higher, UPI volumes
have recorded higher growth month-on-month.
Directions (12-15) Read the following passage carefully and answer the questions that Q12. Which of the
follow. following words should
The Market Digital Payments Industry including net banking, credit/debit card
fill in the blank given in
transactions, prepaid cash cards, mobile wallet and IMPS was estimated at $14.51 (A) in the passage?
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 1. depicted
rest were (A)………………… to Mobile Wallet, Pre-Paid Cash cards and Immediate 2. attributed
Payment systems (IMPS). The current size of m-commerce – 4% of the market, is 3. comendable
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 4. reported
expected to increase to 30% by 2020. Mobile Payments in India is estimated to grow 5. Both (a) and (b)
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.
Directions (12-15) Read the following passage carefully and answer the questions Q13. A line is given in bold in the
that follow. paragraph. Which of the
following can be correctly
The Market Digital Payments Industry including net banking, credit/debit card inferred from it?
1. The miniscule part of the
transactions, prepaid cash cards, mobile wallet and IMPS was estimated at $14.51 overall digital payments industry
Billion in 2013. Out of 800 million online transactions made in 2013, 53% were made in India is of mobile payments
using credit (21%) and debit cards (32%), while 44% came from Internet banking. The due to the present cirumstances.
rest were (A)………………… to Mobile Wallet, Pre-Paid Cash cards and Immediate 2. At present, mobile payments
Payment systems (IMPS). The current size of m-commerce – 4% of the market, is form a substantial part of the
significantly low. At present, mobile payments form a miniscule part of the overall overall digital payments industry
digital payments industry in India. However, contribution from phones and tablets is in India.
expected to increase to 30% by 2020. Mobile Payments in India is estimated to grow 3. The part that mobile
payments cover in the overall
from $86 million in 2011 to $1.15 billion in 2016, with a compound annual growth rate
digital payments industry in India
(CAGR) of 68%. The M-wallet market is projected to grow at a CAGR of around 30% in is quite small.
the next five years from 2015-2019. Market of m-wallet segment includes transferring 4. Both (b) and (c)
of money, services related to banking transactions, value added services such as 5. The contribution of mobile
shopping, ticketing, recharging, and bill payments. In this segment, the highest 38% payments is commendable in the
market share is captured by money transfer businesses, followed by recharge and bill digital payments industry in India.
payments, and utility areas by 30% and 12% respectively.
Directions (12-15) Read the following passage carefully and answer the questions Q14. What is the style
that follow.
of writing used in the
The Market Digital Payments Industry including net banking, credit/debit card passage above?
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 1. Narrative
rest were (A)………………… to Mobile Wallet, Pre-Paid Cash cards and Immediate 2. Satirical
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
3. Laudatory
digital payments industry in India. However, contribution from phones and tablets is 4. Argumentative
expected to increase to 30% by 2020. Mobile Payments in India is estimated to grow 5. None of the Above
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.
Directions (12-15) Read the following passage carefully and answer the questions that Q15. Which of the following is
follow. incorrect in context of the
passage?
The Market Digital Payments Industry including net banking, credit/debit card 1. Out of 800 million online
transactions, prepaid cash cards, mobile wallet and IMPS was estimated at $14.51 transactions made in 2013,
Billion in 2013. Out of 800 million online transactions made in 2013, 53% were made 53% were made using credit
using credit (21%) and debit cards (32%), while 44% came from Internet banking. The and debit cards together ,
rest were (A)………………… to Mobile Wallet, Pre-Paid Cash cards and Immediate while 44% came from Internet
Payment systems (IMPS). The current size of m-commerce – 4% of the market, is banking.
significantly low. At present, mobile payments form a miniscule part of the overall 2. Remittances in developing
digital payments industry in India. However, contribution from phones and tablets is countries is to grow by 5 per
cent.
expected to increase to 30% by 2020. Mobile Payments in India is estimated to grow
3. Million-dollar investments
from $86 million in 2011 to $1.15 billion in 2016, with a compound annual growth rate
are being pumped into the
(CAGR) of 68%. The M-wallet market is projected to grow at a CAGR of around 30% in
mobile payments industry.
the next five years from 2015-2019. Market of m-wallet segment includes transferring 4. Both (b) and (c)
of money, services related to banking transactions, value added services such as 5. All are correct
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.