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RBI Asst. & IDBI Executive Exam 2016: Cloze test Quiz ‘BSE to roll out paperless SIP for MF investor

Nov 29, 2016 16:50 IST

    These days bank examination conducting organizations focus a lot on passages based on economic and social issues, business and finance, banking etc taken from leading English newspapers such as The Hindu, The Economic Times, The Business Standard, The Business Line, The Times of India, The Indian Express etc. Through this initiative, the banking team of Jagranjosh.com, the standalone leader in banking prep industry is presenting to you a passage for Cloze Test taken from ‘The Business Standard’ (dated October 9th 2016). Candidates are advised to attempt the quiz to prepare for upcoming examinations.

    These days bank examination conducting organizations focus a lot on passages based on economic and social issues, business and finance, banking etc taken from leading English newspapers such as The Hindu, The Economic Times, The Business Standard, The Business Line, The Times of India, The Indian Express etc. Through this initiative, the banking team of Jagranjosh.com, the standalone leader in banking prep industry is presenting to you a passage for Cloze Test taken from ‘The Business Standard’ (dated October 9th 2016). Candidates are advised to attempt the quiz to prepare for upcoming examinations.

    Question (1-10): In the following passage, there are blanks each of which is numbered. These numbers are given below the passage and against each, five words are suggested out of which only one fits the bland perfectly. Find that word in each case.

    Leading stock exchange BSE is ..1.. to roll out the paperless SIP facility for mutual fund investors ..2..  this month-end, a move that will ..3.. cut the registration time and also allow subscribers to..4.. through different payment modes ..5.. net banking. As there will be no requirements of ..6.. physical forms under the new facility, the chances of errors that presently ..7..  in rejection of many applications will also not exist. At present, the paperless SIP (systematic investment plans) facility has been made available in ..8..  environment and will be made live ..9..  by Diwali, the BSE spokesperson told PTI. The new feature, which would be available through BSE STAR MF, would ..10.. mutual fund distributors to register SIPs for their clients, who can pay SIP amounts through various modes such as net banking, mobile banking etc.

    1. Find out the right word

    1. Likely
    2. Explicitly
    3. Vehemently
    4. Assiduously
    5. Other than those given in options

    Solution: Option (1)

    Explanation: According to the given context of the passage, it is clear that BSE is going to launch a paperless SIP facility for the benefit of the mutual fund investors in the market. This is complimented properly by the word ‘likely’ only among the given options since other words are out of context and it is about a time frame that is being talked about. It makes option (1) the right choice among the given options.

    2. Find out the right word

    1. Of
    2. By
    3. In
    4. On
    5. At

    Solution: Option (2)

    Explanation: According to the given context, BSE is going to launch the paperless SIP facility by the time frame of the current month and it is expressed by the preposition ‘by’ among the given options. It makes option (2) the right choice among the given options.

    3. Find out the right word

    1. Destitute
    2. Drastically
    3. Finitely
    4. Caliber
    5. None of the above

    Solution: Option (2)

    Explanation: According to the given context, the new SIP will help customers avail of the benefits of investment with very less time. Among the given options, ‘drastically’ refers to the fact that the time taken for registration will come down once BSE launches its paperless SIPs. This makes option (2) the right choice among the given options.

    4. Find out the right word

    1. Tear
    2. Utilize
    3. Transact
    4. Optimize
    5. Assure

    Solution: Option (3)

    Explanation: As per the given context, it is obvious that because of the new move, subscribers will be able to use alternative channels for making payments towards subscription of mutual fund policies. This makes option (3) the right choice among the given options since it means maintaining the balances and payments of an individual and all other words are out of context in the given situation.

    5. Find out the right word

    1. Including
    2. Affirming
    3. Accusing
    4. Intuition
    5. Other than those given in options

    Solution: Option (1)

    Explanation: It is very clear from the given context that subscribers will be able to make payments towards subscription of mutual funds policy using alternative means and the time of transaction will also come down. It makes option (1) the right choice among the given options since the modes of payment include net banking for the customers.

    6. Find out the right word

    1. Filing
    2. Filling
    3. Focusing
    4. Failing
    5. Feigning

    Solution: Option (2)

    Explanation: According to the given context, the new paperless SIP policies will not require the subscribers to fill up forms for data input which used to take a lot of time before and that was one of the reasons the whole process used to take so much time. It makes option (2) the right choice among the given options.

    7. Find out the right word          

    1. Offer
    2. Result
    3. Voice
    4. Incur
    5. Explain

    Solution: Option (2)

    Explanation: According to the given context, in the new policies there will be no physical forms and because of that, there will be lesser rejections at the level of processing the policies. This makes option (2) the right choice among the given options because it implies that the old process used to take time due to inordinate delay in processing the paper documents submitted by the applicants.

    8. Find out the right word

    1. Simulation
    2. Pilot
    3. Accustomed
    4. Astute
    5. Other than those given in options

    Solution: Option (1)

    Explanation: As per the given context, it is understood that the paperless SIP policy is being tested by BSE and that is done on a pilot basis in a simulation environment which is similar to the real environment in which the real process will work. This makes option (1) the right choice among the given options.

    9. Find out the right word

    1. Target
    2. Tentatively
    3. Immediately
    4. Alternating
    5. Alliterative

    Solution: Option (2)

    Explanation: According to the given context, it is implied that the paperless SIP facility by BSE is going to be launched very soon and the possible dates are before Diwali even which is later this month. This is called a possible date and the word that expresses this is ‘tentatively’ which makes option (2) the right choice among the given options.

    10. Find out the right word

    1. Entertain
    2. Atone
    3. Implicate
    4. Allow
    5. Other than those given in options

    Solution: Option (4)

    Explanation: As per the given context, the new move by BSE of allowing paperless SIP will result in the customers being able to make payments very easily towards subscription of mutual fund policy. It makes option (4) the right choice among the given options.

    DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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