IBPS PO Reading Comprehension Test 01

1. Read the following passage carefully and answer the questions given after it. In the dry plains of Gujarat stands a city built for a single purpose: to host the financial business that India once conducted abroad. GIFT City's International Financial Services Centre lets banks, insurers and fund managers deal in foreign currency under a single regulator, the IFSC Authority, with rules written to match the world's leading centres. The prize is large. For decades, Indian companies raising dollars or trading derivatives did much of that business in Singapore, Dubai or London, and the jobs and fees went with it. Bringing the business onshore, the argument runs, keeps the value at home and gives Indian regulators sight of trades that once happened beyond their reach. The difficulty is equally plain. A financial centre lives on depth: many buyers and sellers, deep pools of money, and the trust that contracts will be honoured swiftly. Those things are built over decades, not declared. GIFT City has therefore made a long bet — that patient policy, good infrastructure and a large home market will, over time, draw the business back. Whether the bet pays off will be judged not by the towers built, but by the trading that fills them.

   Q1.What is GIFT City's International Financial Services Centre for?

   • A.Farming exports from Gujarat
   • B.Manufacturing of bank notes
   • C.Tourism in the desert
   • D.Training of bank clerks
   • E.Financial business in foreign currency under a single regulator

2. Q2.Where did Indian companies do much of their dollar business before, according to the passage?

   • A.Singapore, Dubai or London
   • B.Only within India
   • C.New York and Tokyo only
   • D.Sydney and Toronto only
   • E.Nowhere — it is new business

3. Q3.What does the passage say a financial centre lives on?

   • A.Tall towers and new roads
   • B.Cheap electricity alone
   • C.Depth: many buyers and sellers, deep money pools and trust
   • D.Government orders alone
   • E.The number of banks alone

Start the test to answer these. Correct answers and explanations are shown after you submit.