English quiz on Reading Comprehension.

English quiz on Reading Comprehension.
Directions (1-10): Read the passage carefully and answer the questions given below it. Certain words/phrases have been given in hold to help you locate them while answering some of the questions. 

Some Mountainous parts of Mexico are so remote that the electricity grid fails to reach them, let alone the banking system. A five~year old social enterprise, Ilumexico, hope to change that. It provides more than 20,000 people with loans to buy low-cost solar panels and batteries, enabling them to switch lights on, watch television and charge mobile phones. sometimes for the first time. It also introduces them to the financial system via those same mobile phones. It has launched a pilot project enabling them to pay off the loans in instalments via an SMS-based payment system, Transfer, owned by Banamex, one of Mexico’s biggest banks. Most have no credit history, so Ilumexico takes a big risk in lending to them. Its, boss says, they are often late with their payments because rural incomes are unstable. But they are keen to maintain access to credit, so their ultimate default rates (currently 5.8%) are only slightly above the national average. 
Until recently such people had little hope of getting credit other than from loan sharks or pyramid schemes. Mexican high-street banks have failed to provide services to the rural poor: the country has fewer branches per 10,000 people than neighbouring Guatemala, which has a much lower GDP per person. Less than 7 % of the 4 million micro businesses that make up 95% of all firms in Mexico had access to bank credit in 2013. So Mexican authorities are hoping that technology can help Mexico to ‘leapfrog into modernity’, in the words of the governor of the central bank. Mobile banking offers a simple way to expand services to the unbanked. The bigger challenge is credit which is where fin tech firms such as crowd funding platforms see an opportunity. 
Last month the National Banking and Securities Commission (NBSC), which regulates the industry, gave its first license to a peer-to-peer (P2P) lender, Kubo Financiero, which aims to provide loans to micro businesses such as small grocery stores. funded by anyone with spare cash to lend. The CNBV is creating a regulatory framework that will enable more crowd funding platforms to boom regulated bodies. It has also been trying to encourage more mundane efforts to reach the unbanked, through mobile banking. This has come after much foot- dragging Mexico has been relatively slow to embrace new financial technology, in general, and mobile banking in particular because of fear about money laundering and the power of Mexico richest man. to use his dominance in the mobile~phone market to stifle competition. Yet the mood has changed unsurprisingly, the banks accept little blame for the low credit penetration. They say it stems from high levels of informality among small firms, and strict money laundering and know-your-customer rules. Unless banks do not seize the opportunity with a click-based. rather than brick~based. banking model outfits like Kubo surely will. 

1. Choose the word which is opposite in meaning to the word ‘STIFLE’ given in bold as used in the passage. 
(a) encourage 
(b) check 
(c) worry
(d) contain
(e) overpower 

2. Choose the word which is same in meaning to the won't! ‘EMBRACE‘ given in bold as used in the passage. 
(a) accept 
(b) hold ‘ 
(c) carry
(d) modify 
(e) sustain 

3. Choose the word which is same in meaning to the word ‘SEIZE‘ given in bold as used in the passage. 
(a) kidnap 
(b) extort 
(c) snatch 
(d) leave
(e) arrest 

4. Which of the following is the author’s main motive in writing the passage?
(a) Highlight how corruption has ruined the banking and micro financier sectors in Mexico. ' 
(b) Show how despite, loopholes in the banking systems, the regulators are not doing much. 
(c) Point out that technology can and should be deployed to provide ‘access to banking services. 
(d) Emphasise that financial technology cannot address the needs of the Mexican unbanked population. 
(e) Bring to light the poverty in Mexico and suggest ways to alleviate it. 

5.Choose the word which is opposite in meaning to the word ‘REMOTE’ given in bold as used in 
the passage.                          
(a) withdrawn
(b) accessible
(c) ongoing
(d) departing 
(e) responsive 

6.What is the author’s view of the action taken by CNBV in granting a P2P license? 
(a) It is a desirable step as it will benefit those who want access to credit.
(b) It will lead to corruption and monopoly of the rich. 
(c)1thasgradually resulted in an increase in money laundering. 
(d) CNBV should reverse the decision till regulations are strengthened. 
(e) Other than those given as options. 

7.Choose the word which is same in meaning to the word ‘SPARE’ given in bold as used in the passage. 
(2) mercy (b) extra , (c) access (d) increased (e) need 

8.Choose the word which is same in meaning to the word ‘STEMS’ given in bold as used in the passage. 
(a) stalks      (b) stops   (C) hunks    (d) occurs     (e) lessens

9.Which of the following can be said about Mexican banks in the context of the passage? 
(a) Their business has been overtaken by social enterprises and fin-tech startups. 
(b) They are planning to open over ten thousand " branches on priority. 
(c) The laws governing them need to be strengthened as they are on the verge of failure. 
(d) They have made inroads into financial technology but need to do more. 
(e) All the given options can be said about Mexican Banks in the context of the passage. 

10.Which of the following does the author want to convey through the statistics for 2013 stated in the passage? 
(a) Mexico has a huge and diverse workforce. 
(b) Micro businesses are flourishing in Mexico. 
(c) The central bank has done a commendable job in providing credit to the poor. ,
(d) Crowdfunding initiatives have been unsuccessful in Mexico. 
(e) it is difficult for micro businesses to get access to credit.


Answer

1. a  2.a   3.c  4.c   5.b   6.a    7.b   8.d   9.a    10.e


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Aspirants Notes Exam Prep: Banking, IAS, SSC, TNPSC, RRB, Entrance Exam: English quiz on Reading Comprehension.
English quiz on Reading Comprehension.
English quiz on Reading Comprehension.
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