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Read the given passage carefully and choose the most appropriate option to the questions given below.
The World Trade Organisation (WTO) was created in the early 1990s as a component of the Uruguay Round negotiation. However, it could have been negotiated as part of the Tokyo Round of the 1970s, since negotiation was an attempt at a ‘constitutional reform’ of the General Agreement on Tariffs and Trade (GATT). Or it could have been put off to the future, as the US government wanted. What factors led to the creation of the WTO in the early 1990s?One factor was the pattern of multilateral bargaining that developed late in the Uruguay Round. Like all complex international agreements, the WTO was a product of a series of tradeoffs between principal actors and groups. For the United States, which did not want a new organization, the disputed settlement part of the WTO package achieved its longstanding goal of a more effective and more legal dispute settlement system. For the Europeans, who by the 1990s had come to view GATT dispute settlement less in political terms add more as a regime of legal obligations, the WTO package was acceptable as a means to discipline the resort to unilateral measures by the United States. Countries like Canada and other middle and smaller trading partners were attracted by the expansion of a rulebased system and by the symbolic value of a trade organization, both of which inherently support the weak against the strong. The developing countries were attracted due to the provisions banning unilateral measures. Finally, and perhaps most important, many countries at the Uruguay Round came to put a higher priority on the export gains than on the import losses that the negotiation would produce, and they came to associate the WTO and a rulebased system with those gains. This reasoning – replicated in many countries – was contained in U. S. Ambassador Kantor’s defense of the WTO, and it announced to a recognition that international trade and its benefits cannot be enjoyed unless trading nations accept the discipline of a negotiated rulebased environment.A second factor in the creation of the WTO was pressure from lawyers and the legal process. The dispute settlement system of the WTO was seen as a victory of legalists but the matter went deeper than that. The GATT, and the WTO, are contract organizations based on rules, and it is inevitable that an organization creating a further rule will, in turn, be influenced by legal process. Robert Hudee has written of the‘momentum of legal development’, but what is this precisely? Legal development can be defined as promotion of the technical legal values of consistency, clarity (or certainty) and effectiveness; these are values that those responsible for administering any legal system will seek to maximize. As it played out in the WTO, consistency meant integrating under one roof a whole lot of separate agreements signed under GATT auspices; clarity meant removing ambiguities about the powers of contracting parties to make certain decisions or to undertake waivers; and effectiveness meant eliminating exceptions arising out of grandfatherrights and resolving defects in dispute settlement procedures and institutional provisions. Concern for these values is inherent in any rulebased system of cooperation since without these value rules would be meaningless in the first place, therefore, create their own incentive for fulfillment.The moment of legal development has occurred in other institutions besides the GATT, most notably in the European Union (EU). Over the past two decades, the European Court of Justice (ECJ) has consistently rendered decisions that have expanded incrementally the EU’sinternal market, in which the doctrine of ‘mutual recognition’ handed down in Cassis de Dijon case in 1979 was a key turning point. The court is now widely recognized as a major player in European integration, even though arguably such a strong role was not originally envisaged in the Treaty of Rome, which initiated the current European Union. One means the Court used to expand integration was the ‘teleological method of interpretation’, whereby the actions of member states were evaluated against ‘the accomplishment of the most elementary goals set forth in the Preamble to the (Rome) treaty. The teleological method represents an effort to keep current policies consistent with stated goals, and it is analogous to the effort in GATT to keep contracting party trade practices consistent with slated rules. In both cases, legal concerns and procedures are an independent force for further cooperation.In the large part, the WTO was an exercise in consolidation. In the context of a trade negotiation that created a nearrevolutionary expansion of international trade rules, the formation of the WTO was a deeply conservative act needed to ensure that the benefits of the new rules would not be lost. The WTO was all about institutional structure and dispute settlement: these are the concerns of conservatives and not revolutionaries, that is why lawyers and legalists took the lead on these issues. The WTO codified the GATT institutional practice that had developed by custom over three decades, and it incorporated a new dispute settlement system that was necessary to keep both old and new rules from becoming a sham. Both the international structure and the dispute settlement system were necessary to preserve and enhance the integrity of the multilateral trade regime that had been built incrementally from the 1940s to the 1990s.
In the statement ‘... it amounted to a recognition that international trade and its benefits cannot be enjoyed unless trading nations accept the discipline of a negotiated rulebased environment’, it refers to:
Options
The higher priority on export gains placed by many countries atthe Uruguay Round.
The export gains many countries came to associate with a rulebased system.
Ambassador Kantor’s defence of the WTO.
The provision of a rule-based system by the WTO.
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Solution
The export gains many countries came to associate with a rulebased system.
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The question in this section is based on what is stated or implied in the passage given below. For the question, choose the option that most accurately and completely answers the question.
The words invention and Innovation are closely linked, but they are not interchangeable. The inventor is a genius who uses his intellect, imagination, time and resources to create something that does not exist. But this invention may or may not be of utility to the masses. It is the enterprising innovator who uses various resources, skills and time to make the invention available for use. The innovator might use the invention as it is, modifies it or even blend two or more inventions to make one marketable product. A great example is that of the iPhone which is a combination of various inventions. If an invention is the result of countless trials and errors, so can be the case with innovation. Not every attempt to make an invention is successful. Not every innovation sees the light of the day. Benjamin Franklin had the belief that success doesn‘t come without challenge, mistake, and in a few cases failure.
One of the world‘s most famous innovators, Steve Jobs says, ―Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations.‖ Thus, inventors and innovators have to be intrepid enough to take risks; consider failures as stepping stones and not stumbling blocks. Some inventions are the result of a keen observation or a simple discovery. The inventor of Velcro, also called the zipless zipper, is the Swiss engineer George de Mestral. He was hiking in the woods when he found burrs clinging to his clothes and his dog‘s fur. Back at home, he studied the burrs. He discovered that each burr was a collection of tiny hooks which made it cling on to another object. A few years later, he made and patented the strips of fabric that came to us like Velcro. The world of inventions and innovations is a competitive one. But the race does not end here; it is also prevalent in the case of getting intellectual property rights. There have been inventors who failed to get a single patent while there have been some who managed to amass numerous patents in their lifetime. Thomas Edison had 1,093 patents to his credit! We relate the telephone with Alexander Graham Bell. It is believed that around the same time, Antonio Meucci had also designed the telephone, but due to a lack of resources and various hardships, he could not proceed with the patent of his invention. It is also believed that Elisha Gray had made a design for the telephone and applied for the patent at the U.S. patent office on the same day as Graham Bell did. By sheer chance, Graham‘s lawyer‘s turn to file the papers came first. Hence, Graham was granted the first patent for the telephone. It is not easy, and at times almost impossible, for an inventor to be an innovator too. There are very few like Thomas Edison who graduated from being an incredible inventor to a successful manufacturer and businessman with brilliant marketing skills. While innovations that have helped to enhance the quality of life are laudable, equally laudable are the inventions that laid the foundation of these very innovations.
The author believes that
The question in this section is based on what is stated or implied in the passage given below. For the question, choose the option that most accurately and completely answers the question.
The words invention and Innovation are closely linked, but they are not interchangeable. The inventor is a genius who uses his intellect, imagination, time and resources to create something that does not exist. But this invention may or may not be of utility to the masses. It is the enterprising innovator who uses various resources, skills and time to make the invention available for use. The innovator might use the invention as it is, modifies it or even blend two or more inventions to make one marketable product. A great example is that of the iPhone which is a combination of various inventions. If an invention is the result of countless trials and errors, so can be the case with innovation. Not every attempt to make an invention is successful. Not every innovation sees the light of the day. Benjamin Franklin had the belief that success doesn‘t come without challenge, mistake, and in a few cases failure.
One of the world‘s most famous innovators, Steve Jobs says, ―Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations.‖ Thus, inventors and innovators have to be intrepid enough to take risks; consider failures as stepping stones and not stumbling blocks. Some inventions are the result of a keen observation or a simple discovery. The inventor of Velcro, also called the zipless zipper, is the Swiss engineer George de Mestral. He was hiking in the woods when he found burrs clinging to his clothes and his dog‘s fur. Back at home, he studied the burrs. He discovered that each burr was a collection of tiny hooks which made it cling on to another object. A few years later, he made and patented the strips of fabric that came to us like Velcro. The world of inventions and innovations is a competitive one. But the race does not end here; it is also prevalent in the case of getting intellectual property rights. There have been inventors who failed to get a single patent while there have been some who managed to amass numerous patents in their lifetime. Thomas Edison had 1,093 patents to his credit! We relate the telephone with Alexander Graham Bell. It is believed that around the same time, Antonio Meucci had also designed the telephone, but due to a lack of resources and various hardships, he could not proceed with the patent of his invention. It is also believed that Elisha Gray had made a design for the telephone and applied for the patent at the U.S. patent office on the same day as Graham Bell did. By sheer chance, Graham‘s lawyer‘s turn to file the papers came first. Hence, Graham was granted the first patent for the telephone. It is not easy, and at times almost impossible, for an inventor to be an innovator too. There are very few like Thomas Edison who graduated from being an incredible inventor to a successful manufacturer and businessman with brilliant marketing skills. While innovations that have helped to enhance the quality of life are laudable, equally laudable are the inventions that laid the foundation of these very innovations.
It is believed that Graham Bell became the first patent holder of the telephone because of
Direction: Read the passage given below. Choose the best options for the Question.
IOT has had an impact across all fields, be it industries, government, small or large businesses and even for Personal Consumption. What is IOT (Internet of things) you might ask? It’s been a growing topic of conversation for some time now. Put in the simplest term it means anything that has an on and off button and is connected to the internet for receiving, analyzing, storing or sending data. This could mean anything, from the watch that you wear to airplanes that can be controlled from a remote location. According to the analyst firm Gartner, by the year 2020, we’ll have over 26 billion connected devices. That could mean people to people, people connected to things and things connected to things. The new rule of the future is going to be “Anything that can be connected will be connected”. Take for example that when you set an alarm to wake up and that alarm goes off it not only wakes you up but also brews your coffee, sets the right temperature of water for your bath, puts on the television to bring you the latest updates from around the globe and all this before you even put a foot out of your bed. This is all done by simply getting the network of interconnected things/devices that have embedded sensors, network connectivity, software and necessary electronics that collect and exchange data. To show how far we have come with technology and connectivity, we have smartwatches such as Fitbit, Garmin to name a few that have changed the way we look at time. We have one device that not only tells us the time but also tracks the number of steps, calories, and our heart rate. This watch is actually connected to our phone so with just one turn of the wrist, one can tell who is calling or what messages have been received without having to dig through pockets or handbags. IOT is making its presence felt in health care as well. Doctors can now remotely monitor and communicate with their patients and health care providers can benefit from this. Whether data comes from foetal monitors, electrocardiograms, temperature monitors or blood glucose levels, tracking this information is vital for some patients. Many of this requires to follow up interaction with healthcare professionals. With smarter devices that deliver more valuable data, it can reduce the need for direct patient-physician interaction. Take for instance in the sporting field, minute chips are being attached to balls and bats which will transmit information of how fast the ball is travelling and a batsman’s moves, the time, the angles, the pressure on the bat at different positions, data of the muscle stretch if he’s hit a six so on and so forth. Formula one cars are also being fitted with these sensors which relay information on the minute moves being made by the driver. Chips are also being put into wearable devices of sportsmen to detect suboptimal action of any body parts to show signs of stress or strain which will help in the early detection of injuries and take preventive measures. IOT has had an impact across all fields, be it industries, government, small or large business and even for personal consumption. IBM, Google, Intel, Microsoft, and Cisco are some of the top players in the IOT spectrum. With billions of devices connected security becomes a big issue. How can people make sure that their data is safe and secure? This is one of the major concerns in the IOT that becomes a hot topic. Another issue is with all these billions of devices sharing data companies will be faced with the problem of how to store, track, analyse and make vast sense of the information being generated. Companies are monitoring the network segment to identify anomalous traffic and to take action if necessary. Now that we have a fair understanding of IOT let’s see what impact it’s had on the education sector. The only constant in our lives is change and learning. From the get-go, we learn, be it to the walk, talk or run.
We adapt to the changing times and constantly learn from them. Education or learning as we know it in the broader sense is the most important of all and the one that decides which way we handle those changes to impact us and the world. Today’s world is fast-paced and to keep up with this we need an infusion of speed with learning. From the classroom assignments, lectures, blackboards, and chalk we have come a long way to what is now known as e-learning (electronic learning) or m-learning (mobile learning). With the GenNext it is imperative to provide the right kind of education. The rise of technology and IOT allows schools to improve the safety of their campuses, keep track of resources and enhance access to information. It ensures data quality being the top priority but also facilitates the development of content allowing teachers to use this technology to create smart lesson plans and ensuring the reach of this content to any corner of the world.
Preventive measure is imperative because:
Read the passage and answer the question based on it.
Civilization is basically a vital kind of grouping. Without civilizations, the world as we know it would not be. Civilizations have different qualities than regular groups of people such as nomads. For example, a civilization develops surpluses of things which helps the people be a stable community. These surpluses also create the construction and growth of cities and help develop secure, formal states. The government is also present in civilizations. One very important part of a civilization is an advanced writing method. A civilization can only be complete with all of these factors, or it will just fall apart. Nomads are nowhere close to being a civilization even though sometimes groups of nomads have good technology. The words 'culture' and 'civilization' have been often used synonymously, though they have clearly defined meanings differentiating them. 'Civilization' means the betterment of ways of living, making Nature bend to fulfill the needs of humankind. It includes also organizing societies into politically well-defined groups working collectively for improved conditions of life in matters of food, dress, communication, and so on. Thus a group considers itself as civilized, while others were looked down upon as barbarians. This has led to wars and holocausts, resulting in the mass destruction of human beings. What are the good parts of our civilization? First and foremost there are order and safety. If today I have a quarrel with another man, I do not get beaten merely because I am physically weaker and he can kick me down. I go to law, and the law will decide as fairly as it can between the two of us. Thus in disputes between man and man right has taken the place of might. Moreover, the law protects me from robbery and violence. Nobody may come and break into my house, steal my goods or run off with my children. Of course, there are burglars, but they are very rare, and the law punishes them whenever it catches them. It is difficult for us to realize how much this safety means. Without safety, these higher activities of mankind which make up civilization could not go on. The inventor could not invent, the scientist find out or the artist make beautiful things. Hence, order and safety, although they are not themselves civilization are things without which civilization would be impossible. They are as necessary to our civilization as the air we breathe is to us, and we have grown so used to them that we do not notice them any more than we notice the air. Another great achievement of our civilization is that today civilized men are largely free from the fear of pain. They still fall ill, but illness is no longer the terrible thing it used to be... Not only do men and women enjoy better health; they live longer than they ever did before, and they have a much better chance of growing up... Thirdly, our civilization is more secure than any that have gone before it. This is because it is much more widely spread... Previous civilizations were specialized and limited, they were like oases in a desert.
What according to the author has the freedom from the fear of pain led to?
Paragraph: At this stage of civilisation, when many nations are brought in to close and vital contact for good and evil, it is essential, as never before, that their gross ignorance of one another should be diminished, that they should begin to understand a little of one another's historical experience and resulting mentality. It is the fault of the English to expect the people of other countries to react as they do, to political and international situations. Our genuine goodwill and good intentions are often brought to nothing because we expect other people to be like us. This would be corrected if we knew the history, not necessarily in detail but in broad outlines, of the social and political conditions which have given to each nation its present character.
Englishmen like others to react to political situations like..
Read the passage and answer the question based on it.
The world dismisses curiosity by calling it idle, or mere idle curiosity – even though curious persons are seldom idle. Parents do their best to extinguish curiosity in their children because it makes life difficult to be faced every day with a string of unanswerable questions about what makes fire hot or why grass grows. Children whose curiosity survives parental discipline are invited to join our university. Within the university, they go on asking their questions and trying to find the answers. In the eyes of a scholar, that is mainly what a university is for. Some of the questions that scholars ask seem to the world to be scarcely worth asking, let alone answering. They ask questions too minute and specialized for you and me to understand without years of explanation. If the world inquires one of them why he wants to know the answer to a particular question, he may say, especially if he is a scientist, that the answer will, in some obscure way, make possible a new machine or weapon or gadget. He talks that way because he knows that the world understands and respects utility. But to you who are now part of the university, he will say that he wants to know the answer, simply because he does not know it. The way a mountain climber wants to climb a mountain simply because it is there. Similarly, a historian when asked by outsiders why he studies history may come out with the argument that he has learned to repeat on such occasions, something about the knowledge of the past, making it possible to understand the present and mold the future. But if you really want to know why a historian studies the past, the answer is much simpler: something happened, and he would like to know what. All this does not mean that the answers which scholars find to their questions have no consequences. They may have enormous consequences, but these seldom form the reason for asking the question or pursuing the answers. It is true that scholars can be put to work answering questions for the sake of the consequences, as thousands are working now, for example, in search of a cure for cancer. But this is not the primary function of the scholar, for the consequences are usually subordinate to the satisfaction of curiosity.
The writer compares the scientist to
Paragraph: One of the most intriguing stories of the Russian Revolution concerns the identity of Anastasia, the youngest daughter of Czar Nicholas II. During his reign over Russia, the czar had planned to revoke many of the harsh laws established by previous czars. Some workers and peasants, however, clamored for more rapid social reform. In 1918, a group of these people known as Bolsheviks overthrew the government. On July 17 or 18, they murdered the czar and what was thought to be his entire family.
Although witnesses vouched that all the members of the czar's family had been executed, there were rumors suggesting that Anastasia had survived. Over the years, a number of women claimed to be Grand Duchess Anastasia. Perhaps the most famous claimant was Anastasia Tschaikovsky, who was also known as Anna Anderson.
In 1920, 18 months after the czar's execution, this terrified young woman was rescued from drowning in a Berlin river. She spent two years in a hospital, where she attempted to reclaim her health and shattered mind. The doctors and nurses thought that she resembled Anastasia and questioned her about her background. She disclaimed any connection with the czar's family. Eight years later, however, she claimed that she was Anastasia. She said that she had been rescued by two Russian soldiers after the czar and the rest of her family had been killed. Two brothers named Tschaikovsky had carried her into Romania. She had married one of the brothers, who had taken her to Berlin and left her there, penniless and without a vocation. Unable to invoke the aid of her mother's family in Germany, she had tried to drown herself.
During the next few years, scores of the czar's relatives, ex-servants, and acquaintances interviewed her. Many of these people said that her looks and mannerisms were evocative of the Anastasia that they had known. Her grandmother and other relatives denied that she was the real Anastasia, however.
Tired of being accused of fraud, Anastasia immigrated to the United States in 1928 and took the name Anna Anderson. She still wished to prove that she was Anastasia, though, and returned to Germany in 1933 to bring suit against her mother's family. There she declaimed to the court, asserting that she was indeed Anastasia and deserved her inheritance.
In 1957, the court decided that it could neither confirm nor deny Anastasia's identity. Although it will probably never be known whether this woman was the Grand Duchess Anastasia, her search to establish her identity has been the subject of numerous books, plays, and movies.
Some Russian peasants and workers ______ for social reform.
The question in this section is based on a single passage. The question is to be answered on the basis of what is stated or implied in the passage.
The spread of education in society is at the foundation of success in countries that are latecomers to development. In the quest for development, primary education is absolutely essential because it creates the base. But higher education is just as important for it provides the cutting edge. And universities are the life-blood of higher education. Islands of excellence in professional education, such as Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), are valuable complements but cannot be substituted for universities that provide educational opportunities for people at large.
There can be no doubt that higher education has made a significant contribution to economic development, social progress and political democracy in independent India. It is a source of dynamism for the economy. It has created social opportunities for people, it has fostered the vibrant democracy in our polity. It has provided a beginning for the creation of a knowledge society. But it would be a mistake to focus on its strengths alone. It has weaknesses that are a cause for serious concern. There is, in fact, a quiet crisis in higher education in India that runs deep. It is not yet discernible simply because there are pockets of excellence, an enormous reservoir of talented young people and intense competition in the admissions process. And, in some important spheres, we continue to reap the benefits of what was sown in higher education 50 years ago by the founding fathers of the republic. The reality is that we have miles to go. The proportion of our population, in the age group 18-24, that enters the world of higher education is around 7%, which is only one-half the average for Asia. The opportunities for higher education, in terms of the number of places in universities, are simply not enough in relation to our need. What is more, the quality of higher education in most of our universities requires substantial improvement? IT is clear that the system of higher education in India faces serious challenges. It needs a systematic overhaul so that we can educated much larger numbers without diluting academic standards. This is imperative because the transformation of economy and society in the 21st century would depend, in significant part, on the spread and the quality of education among our people, particularly in the sphere of higher education. It is only an inclusive society that can provide the foundations for a knowledge society.
The challenges that confront higher education in India are clear. It needs a massive expansion of opportunities for higher education, to 1500 universities nationwide, that would enable India to attain a gross enrolment ration of at least 15% by 2015. It is just as important to raise the average quality of higher education in very sphere. At the same time, it is essential to create institutions that are exemplars of excellence at par with the best in the world. In the pursuit of these objectives, providing people with access to higher education in a socially inclusive manner is imperative. The realization of these objectives, combined with access, would not only develop the skills and capabilities we need for the economy but would also help transform India into a knowledge economy and society.
The style of the passage can be best described as
The question in this section is based on a single passage. The question is to be answered on the basis of what is stated or implied in the passage.
The spread of education in society is at the foundation of success in countries that are latecomers to development. In the quest for development, primary education is absolutely essential because it creates the base. But higher education is just as important for it provides the cutting edge. And universities are the life-blood of higher education. Islands of excellence in professional education, such as Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), are valuable complements but cannot be substituted for universities that provide educational opportunities for people at large.
There can be no doubt that higher education has made a significant contribution to economic development, social progress and political democracy in independent India. It is a source of dynamism for the economy. It has created social opportunities for people, it has fostered the vibrant democracy in our polity. It has provided a beginning for the creation of a knowledge society. But it would be a mistake to focus on its strengths alone. It has weaknesses that are a cause for serious concern. There is, in fact, a quiet crisis in higher education in India that runs deep. It is not yet discernible simply because there are pockets of excellence, an enormous reservoir of talented young people and intense competition in the admissions process. And, in some important spheres, we continue to reap the benefits of what was sown in higher education 50 years ago by the founding fathers of the republic. The reality is that we have miles to go. The proportion of our population, in the age group 18-24, that enters the world of higher education is around 7%, which is only one-half the average for Asia. The opportunities for higher education, in terms of the number of places in universities, are simply not enough in relation to our needs. What is more, the quality of higher education in most of our universities requires substantial improvement? IT is clear that the system of higher education in India faces serious challenges. It needs a systematic overhaul so that we can educated much larger numbers without diluting academic standards. This is imperative because the transformation of economy and society in the 21st century would depend, in significant part, on the spread and the quality of education among our people, particularly in the sphere of higher education. It is only an inclusive society that can provide the foundations for a knowledge society.
The challenges that confront higher education in India are clear. It needs a massive expansion of opportunities for higher education, to 1500 universities nationwide, that would enable India to attain a gross enrolment ration of at least 15% by 2015. It is just as important to raise the average quality of higher education in very sphere. At the same time, it is essential to create institutions that are exemplars of excellence at par with the best in the world. In the pursuit of these objectives, providing people with access to higher education in a socially inclusive manner is imperative. The realization of these objectives, combined with access, would not only develop the skills and capabilities we need for the economy but would also help transform India into a knowledge economy and society.
According to the passage, which of the following is correct?
Read the given passages and answer the question with the help of the information provided in the passage.
A large number of branches of banks have been set-up in the villages. The main purpose of setting up these banks is to develop the habit of saving among the villagers and also to give loans to farmers for boosting production in one way or the other. So, banks had been concentrated in the bigger cities and Indian villagers had no faith in them.
The new banks also intend to re-channel bank credit -from the big industries to the small sectors. With the intention of promoting rural banking, regional rural banks were established. These aligned the local field with rural problems. These banks are not to replace the other credit-giving bodies but to supplement them.
The Steering Committee of the Regional Rural Banks considered some structural changes. First of all, they gave thought to the staffing spectrum, then to effective coordination among banks rural cooperatives and commercial and the possibility of bringing credit within the access to weaker sections. They wanted to recruit staff for the rural banks at lower salaries. But, this type of discrimination would have been unfruitful. So, it was given up.
A problem with regard to the rural banks is the creditworthiness of the poor. The Indian farmers are so poor that they cannot pay back their loans. The rural Indian surveys make it quite clear that practically rural farmers have no creditworthiness. Their socio-economic mobility is almost zero. That is why banks fear that their credit will never be paid back.
Another difficulty for the rural banks is that loans cannot be processed so easily. Processing loans also entails heavy expenditure. This was also going to affect their financial position. Still, the establishment of the rural banks was decided because the social advantages were more important than the commercial consideration.
Rural banks definitely encourage savings. No doubt the villagers do not have to pay income tax and they get many other concessions, yet their saving is not significant. Despite all the hurdles, the rural banking system will boost up the economy of villages and thereby the economy of the country.
Which of the following is one of the benefits of living in the village, as mentioned in the passage?
