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In the following passage, there are blanks each of which has been numbered. These numbers are printed below the passage and against each, five words/phrases are suggested, one of which fits the blank appropriately.  Find out the appropriate word in each case.

Mobile banking (M–banking) involves the use of a mobile phone or any other mobile device to _____(1)_____ financial transactions linked to a client’s account.  M–banking is new in most countries and most mobile payment models even in developed countries till date operates on a _____(2)_____ scale. A mobile network offers a _____(3)_____ available technology platform onto which other services can be provided at low cost with effective results.  For example, M–banking services which use _____(4)_____ such as SMS can be carried at a cost of less than one US cent per message.  The low cost of using existing infrastructure makes such service more _____(5)_____ to use by customers with lower purchasing power and opens up access to services which did not reach them earlier due to _____(6)_____ cost of service delivery.  Although M-banking is one aspect in the wider _____(7)_____ of e–banking, there are reasons to single it out for focus, especially because there are a lot more people with mobile phones than bank accounts in India.
M–banking could provide a _____(8)_____ solution to bring more 'unbanked’ people to the financial mainstream.  Without traditional credit, individuals are _____(9)_____ to exploitation by abusive lenders offering very high interest rates on short-term loans.  Also of considerable importance are public safety implications for the unbanked – they are often victims of crime because many operate on a cash-only basis and end up carrying significant amounts of cash on their _____(10)_____ or store cash in their homes.

Find out the appropriate word which fits into the 7th blank.


Your Answer
A
Archive
Correct Answer
B
Domain
Your Answer
C
Purpose
Your Answer
D
Component
Your Answer
E
Aspect

Solution

The correct option is B Domain
'Domain' is the correct answer because `domain’ which means `an area of knowledge or activity’ is logically apt in the context.  'Archive' is incorrect because `archive’ which means `a place or collection containing records, documents, or other materials of historical interest’ is logically inept., 'Purpose' is incorrect because `purpose’ does not go with the phrase `in the wider’ right before the blank. 'Component' is incorrect because `component’ which means `one of several parts of which something is made’ is logically inappropriate in this context.  'Aspect' is incorrect because firstly, the word `aspect’ which means 'part of feature of a situation’ is already present in the statement and secondly, it renders the statement meaningless.

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