Reading Comprehension for SBI Clerk 2018

Directions (1-10): Read the following 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.

With telecom and internet penetration growing steadily, digital payments are winning acceptance in India. A Google- BCG report released last year estimated the Indian digital payments industry would grow to $500 billion by 2020 and would account for 15 per cent of India’s GDP. It also said more than 50 per cent of the internet users in the country would embracedigital payments by 2020. The Government’s recent demonetisation drive has transformed the entire digital paymentsscenario almost overnight. The biggest beneficiaries of the move, of course, have been mobile wallet companies. User numbers for mobile wallets have soared. For digital wallet companies, this has been driven primarily by the low number of point-of-sales (PoS) machines (required to swipe credit or debit cards) across the country. While the country has over 14 million retail outlets, PoS machines number barely 1.5 million. Low penetration of PoS terminals across India is a problem. Digital India being one of the 10 major thrust areas in Budget 2017-18, plans are underway to ramp up these numbers. Indian banks will be introducing one million PoS terminals by this month. Another two million Aadhaar-linked PoS terminals may be commissioned by September. That said, for a nation of a billion -plus people, a few million PoS terminals are merely drops in the ocean.

Next, the masses are still unable to use smartphones efficiently to make mobile payments easily. For this to happen, smartphone sales and penetration across India need to rise dramatically. But that’s easier said than done due to multiple barriers, particularly since India is an extremely price-sensitive market.

The third challenge that assails both urban and rural, rich and poor users concerns security. The fear of a security breach leading to their money being siphoned off is especially true for new users of e-payment. While various such options exist, each of which has intrinsic security features, users lack reassurance that these are fully secure. Occasional reports of security breaches only heighten such apprehensions. In this case, the best way forward is for digital payment entities to significantly enhance security features, whereby hacking such systems becomes well-nigh impossible. This may be possible via multiple layers of protection such as stringent encryption, use of biometrics and multiple software levels that drive near- total secure transactions. While focusing on security, a digital payment system should also be simple, safe and convenient to use, and remain platform-agnostic. In essence, the system should work seamlessly irrespective of whether customers are using credit or debit cards or making payments through already-active payment platforms such as digital wallets or the Government’s UPI (Unified Payment Interface). Apart from the above, lack of acceptability of digital wallets among vendors is another hurdle as many are still behind the technology adoption curve. It’s imperative to minimise entry barriers for customers by keeping charges minimal. It is also important to educate all stakeholders about working in unison to fulfill the Government’s mission of promoting a less-cash society.

1. According to the passage, which of the following challenge/s is/are being faced by the government to strengthen Digital India?

1. Retraction of Aadhaar-linked point of sales (PoS) terminals by September 2017-18 and to access mobile connectivity.
2. Extenuation of E-payments industry for security apprehensions.
3. Alleviation of secure transaction and implication of PoS machines by March 2017.
4. Low penetration of Poc terminal, an easy availability of cheaper smartphones and to provide data security.
5. All of these

2. According to the author, what does the government do to provide adquate protection of network resources?

1. The government implements the proper security countermeasures for a threat.
2. The government develops the unifed payment interface (UPI) platform and digital wallets.
3. The government offers to use bio-metrics technologies, multiple software levels and stringent encryption.
4. The government gives the high smartphone penetration upgrading UPI to pick up traction.
5. The government issues the Aadhaar-linked program.

3. Which of the following is NOT TRUE in the context of the passage?

A) Smartphone penetration is copious for people to take advantage of its advanced services.

B) Random reports of security breach condense concerns regarding usage of digital medium.

C) There are over 14 million retail in India but barely 1.5 million PoS machines.

1. Only A) and B)
2. Only B) and C)
3. Only C)
4. Only A)
5. None of these

4. Which of the following is TRUE in the context of the passage?

A)Digital India is seeing a growth in acceptance with increasing telecom and internet penetration.

B) According to the author, digital transformation is a trivial pillar for effort to stagndte India.

C) Lack of adaptability by many vendors is a challenge in having more access to digital systems.

1. Only A)
2. Only B)
3. Only A) and B)
4. Only A) and C)
5. All A), B) and C)

5. According to the passage, which of the following is the foremost concern of using digital medium across all the sections of society?

1. Smartphone penetration.
2. PoS terminals.
3. Security of data.
4. Technology adoption.
5. Lack of banking facilites.

6. According to the author, what should the Government do to make India a cash-less economy?

1. The government should boost digitization.
2. The government should limit the entry barriers for customers, charging a low price and edifying stake holders to work together.
3. The government should promote the great usage of non-cash of payments and making Aadhaar-based payments.
4. The government should install one million biometric PoS machines for customers.
5. The government should strengthen the digital payment infrastructure especially in rural and urban areas.

Directions (Q. 7-8) : Choose the word/group of words which is MOST SIMILAR in meaning to the word/group of words printed in bold as used in the passage.

7. INTRINSIC

1. brisk
2. basic
3. wan
4. antiquated
5. extensive

8. WELL-NIGH

1. nevertheless
2. ideally
3. reasonably
4. apart
5. almost

Directions (Q. 9-10) : Choose the word/group of words which is MOST OPPOSITE in meaning of the word/group of words printed in bold as used in the passage.

9. UNISON

1. discord
2. commotion
3. accretion
4. nexus
5. purview

10. ASSAILS

1. abides
2. combats
3. upholds
4. erodes
5. touts

Answers with Detailed Explanation:

1. 4; ‘Low penetration of PoS terminals across India is a problem.’ ‘Next, the masses are still unable to use  martphones efficiently to make mobile payments easily.’ ‘The third challenge that assails both urban and rural, rich and poor users concerns security.’
2. 3; ‘Occasional reports of security breaches only heighten  such apprehensions. In this case, the best way forward is  for digital payment entities to significantly enhance security features, whereby hacking such systems becomes well- nigh impossible. This may be possible via multiple layers of protection such as stringent encryption, use of  biometrics and multiple software levels that drive near-total secure transactions.’ 
3. 1; ‘Next, the masses are still unable to use smartphones efficiently to make mobile payments easily. For this to  happen, smartphone sales and penetration across India need to rise dramatically. But that’s easier said than done  due to multiple barriers, particularly since India is an extremely price-sensitive market.’ ‘While various such options  exist, each of which has intrinsic security features, users lack reassurance that these are fully secure. Occasional  reports of security breaches only heighten such apprehensions.’
4. 4; ‘With telecom and internet penetration growing steadily, digital payments are winning acceptance in India. A Google- BCG report released last year estimated the Indian digital payments industry would grow to $500 billion by 2020 and would account for 15 per cent of India’s GDP.’ ‘Apart from the above, lack of acceptability of digital wallets  among vendors is another hurdle as many are still behind the technology adoption curve.’ 
5. 3; ‘The third challenge that assails both urban and rural, rich and poor (to large population of India) users concerns security (this is major issue that dampens the pace of digitization of economy). The fear of a security breach leading to their money being siphoned off is especially true for new users of e-payment.’ Although not written anywhere clearly but the above facts suggest that the security concern (breaching of data) overrides above all other  issues.
6. 2; ‘It’s imperative to minimise entry barriers for customers by keeping charges minimal. It is also important to educate all stakeholders about working in unison to fulfill the Government’s mission of promoting a less-cash  society.’
7. 2; If something has intrinsic value or intrinsic interest, it is extremely important and basic characteristic of a  person or thing : Maths is an intrinsic part of the school curriculum/ works of little intrinsic value. Now, ‘While various such options exist, each of which has intrinsic (essential, basic) security features, users lack reassurance that these are fully secure.’
8. 5; ‘In this case, the best way forward is for digital payment entities to significantly enhance security features,  whereby hacking such systems becomes well-nigh (nearly, almost) impossible.’ 
9. 1; ‘It is also important to educate all stakeholders about working in unison (altogether, in association/accord) to  fulfill the Government’s mission of promoting a less-cash society.’ With one accord (unison), the delegates walked  out of the conference. A note of discord (conflict) has crept into relations between the two countries/ a prosperous family who showed no signs of discord (lack of harmony).
10. 3; ‘The third challenge that assails (attacks, besets) both urban and rural, rich and poor users concerns security.   Now, look at the following word and its use.’ …upholding (defend) the artist’s right to creative freedom/uphold (protect) a tradition, law value etc.