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Bank PO :: Test 106
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1 .

Direction (Q. 1 - 10) : Read the passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
The Finance Ministry has ordered an overhauling of the electronic payment system for the Centre's flagship social welfare schemes to check fraud and cut down transaction costs.
The ministry has asked state-run banks to ensure that electronic payments to beneficiaries of such schemes are made only through the banks in which they hold an account. The ministry feels that the move would bring down the cost of fund transfer to almost half, besides guaranteeing an audit trail of the payment.
As of now, if a beneficiary of a scheme such as the Mahatma Gandhi National Rural Employment Guarantee Act holds an account in the State Bank of India, but the payment delivery system in his area is being handled by Punjab National Bank, the payment is credited to the beneficiary's account through PNB. This makes the government pay NEFT charges twice - first to PNB and then to SBI - on a single transaction.
The National Electronic Funds Transfer is a nation wide payment system that facilitates one-to-one transfer of funds. Under the scheme, a remitter has to pay ?5 plus service tax on every transaction upto ?1 lakh.
"There are two primary issues with this," a Finance Ministry official said. "First, the administrative ministry of the scheme has to pay NEFT charges twice. Second, if the transaction fails, its record will be lost among several such transactions."
The official said the proposed mechanism would not only reduce the pressure on the NEFT system, it would also guarantee a proper record of the payment as all subsequent transactions would be through the parent bank.
The Finance Ministry has already launched a pilot project in Bulandshahr district of Uttar Pradesh to test the viability of the mechanism.
State-run banks say the proposed plan will not increase their work load as they have to anyhow make payments individually. "It's just a matter of clubbing all singular accounts, which should not be an issue," a senior official at a bank said.
Only about 5% of India's 6 lakh villages have bank branches. Under the financial inclusion plan, the government aims to provide banking services to 73,000 villages with a population of 2,000.
A panel headed by Unique Identification Authority of India chairman Nandan Nilekani had proposed that all government payments over ?1,000 should be made electronically. The panel said a last-mile transaction fee of 3.14% with a cap of ?20 per transaction should be paid by the government for such payments. It also recommended that a network of 1 million inter-operable micro ATMs, operated by business correspondents, be set up across the country.

What would be the impact if the proposed NEFT mechanism is adopted ?
(A) The pressure on the NEFT system will decrease.
(B) It would guarantee a proper record of the payment.
(C) The pressure on the NEFT system will increase significantly.

A.    (A) Only B.    (B) Only
C.    (C) Only D.    Both (A) and (B)
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2 .

Regarding electronic fund transfer, which of the following statements is correct ?
(A) The cost of fund transfer will come down to almost half.
(B) The auditing of the payment can be ensured.
(C) It would generate a proper record of the payment.

A.    Only (A) B.    Only (B)
C.    Only (C) D.    All (A), (B) and (C)
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3 .

What has the Finance Ministry asked the state-run banks to ensure regarding the payments to the beneficiaries of  the govt-sponsored schemes ?
(A) Payments be made through any of the scheduled commercial banks.
(B) Payments be made only through ATMs.
(C) Payments be made only through the banks in which the beneficiary holds an account.

A.    Only (A) B.    Only (B)
C.    Only (C) D.    Both (A) and (B)
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4 .

Which of the following statements with regard to the present situation is/are definitely true in the context of the passage ?
(A) If the transaction fails, its record can be easily retrieved.
(B) If the transction fails, its record will be lost among several such transactions.
(C) The administrative ministry of the scheme need not pay any national electronic fund transfer charge.

A.    Only (A) B.    Only (C)
C.    Both (A) and (C) D.    Only (B)
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5 .

Which of the following has been suggested by Nandan Nilekani ?
(A) All govt payments over ?1000 should be made either in cash or through demand draft.
(B) A last-mile transaction fee of 3.14% should be paid by the govt.
(C) A network of 1 million inter-operable mictro ATMs operated by business correspondents across the country should be set up.

A.    Both (A) and (B) B.    Both (A) and (C)
C.    Both (B) and (C) D.    Only (C)
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6 .

Which of the following Centre's flagship social welfare schemes has been specifically mentioned in the passage ?

A.    Sarvashiksha Abhiyan B.    MGNREGA
C.    IRDP D.    ICDS
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7 .

If a beneficiary of the scheme is paid through the bank other than account holder's, the govt has to pay the national electronic funds transfer charges

A.    Once B.    Twice
C.    Thrice D.    Not required to pay any charge
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8 .

Which of the following can be a suitable title of the given passage ?

A.    Importance of ATMs B.    Change in Fund Transfer Process to Check Fraud
C.    MGNREGA: A Complete Failure D.    Role of Scheduled Commercial Banks
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9 .

Direction : Read the passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
The Finance Ministry has ordered an overhauling of the electronic payment system for the Centre's flagship social welfare schemes to check fraud and cut down transaction costs.
The ministry has asked state-run banks to ensure that electronic payments to beneficiaries of such schemes are made only through the banks in which they hold an account. The ministry feels that the move would bring down the cost of fund transfer to almost half, besides guaranteeing an audit trail of the payment.
As of now, if a beneficiary of a scheme such as the Mahatma Gandhi National Rural Employment Guarantee Act holds an account in the State Bank of India, but the payment delivery system in his area is being handled by Punjab National Bank, the payment is credited to the beneficiary's account through PNB. This makes the government pay NEFT charges twice - first to PNB and then to SBI - on a single transaction.
The National Electronic Funds Transfer is a nation wide payment system that facilitates one-to-one transfer of funds. Under the scheme, a remitter has to pay ?5 plus service tax on every transaction upto ?1 lakh.
"There are two primary issues with this," a Finance Ministry official said. "First, the administrative ministry of the scheme has to pay NEFT charges twice. Second, if the transaction fails, its record will be lost among several such transactions."
The official said the proposed mechanism would not only reduce the pressure on the NEFT system, it would also guarantee a proper record of the payment as all subsequent transactions would be through the parent bank.
The Finance Ministry has already launched a pilot project in Bulandshahr district of Uttar Pradesh to test the viability of the mechanism.
State-run banks say the proposed plan will not increase their work load as they have to anyhow make payments individually. "It's just a matter of clubbing all singular accounts, which should not be an issue," a senior official at a bank said.
Only about 5% of India's 6 lakh villages have bank branches. Under the financial inclusion plan, the government aims to provide banking services to 73,000 villages with a population of 2,000.
A panel headed by Unique Identification Authority of India chairman Nandan Nilekani had proposed that all government payments over ?1,000 should be made electronically. The panel said a last-mile transaction fee of 3.14% with a cap of ?20 per transaction should be paid by the government for such payments. It also recommended that a network of 1 million inter-operable micro ATMs, operated by business correspondents, be set up across the country.

Direction (Q. 9 - 10) : Which of the following is most nearly the SAME in meaning of the word printed in bold as used in the passage ?

Q. TRAIL

A.    track B.    tail
C.    recording D.    clue
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10 .

Q. VIABILITY

A.    fertility B.    capability
C.    potentiality D.    practicality
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