IBPS RRB Clerk 13 Sep 2015


In the given passage there are blanks, each of which has been numbered. Against each five words are suggested, one of which fits the blank appropriately. Find out the appropriate words in each case.
After spending time and efforts to stabilise rural incomes in the face of plummeting agricultural prices, Thailand’s government has now banned its attention to dealing with unfair lending practices. This is part of a wider (1) set in motion to reform state dominated rural credit markets. Thailand has made great strides in (2) access to financial services. 73 percent of the population now has a bank account and only 3 percent has no access (3) to formal finance. But lending by loan sharks has proved hard stamp out. One reason is that Thais like to keep things informal the country’s shadow economy (4) for more than 50 percent of GDP- the highest in Asia. Household borrowing as a share of national income in Thailand now (5) at 68 percent of GDP, much higher than other middle income countries such as China (20%), India (16%) and Indonesia (17%). To make the (6) for loan sharks, the government wants to strap an interest ceiling that has been in place for sixty years. The cap (7) registered non-bank lenders from changing more than 28 percent per year (including a 13 percent service charge). The idea is to encourage non-banks to provide formal credit to poor households. (8) institutions are typically community based groups founded by the Ministry of Interior, NG0s, local governments and monks. The cap means that it is not (9) for these groups to get into rural lending. Thailand is a vast country and delivering financial services in remote areas is costly. A Thai loan shark typically (10) two lending schemes a borrower can just pay interest of 2 percent per day every day for 24 days or repay the principal plus 2 percent daily interest in equal instalments. Both are terrible deals and switching from a loan shark to a sound financial institution can save a household as much as $1,00,000 per month.

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