VARC Test - 6

Direction: The following sentence consists an underlined word followed by five options. Select the option that is same in meaning to the underlined word and mark your response accordingly.

Direction: Read the passage and answer the questions that follow. 

In order for it to be fraud in the legal sense the person on whom the fraud was sought to be committed should have necessarily fallen prey to it. If an attempt of fraud is made but the person concerned was not actually deceived, it is not ‘fraud’ as understood legally. Bank fraud is a fraud committed on banks mainly by fraudulent representations using false documents. Bank fraud concerns all citizens. It is a very sensitive issue as it affects the public faith on which the whole Banking system is predominantly based. Bank fraud includes all sorts of misappropriations, embezzlements, manipulations of negotiable instruments like cheques, bank drafts, bills or statements of accounts, securities etc. With the boom in the banking business, bank frauds are also on the rise. Bank fraud is covered under the Indian Penal Code. Cheques are a major area where frauds are committed by putting counterfeit signature on the cheque. After the economic liberalization started in 1991 in India’s banking system, there has been a lot of expansion and changes have also taken place. Generally, arrangements are also made to monitor banks in every country. And the Reserve Bank does this work in India, but despite this, banks in India have their own challenges. These challenges are related to ethics, financial crisis, and corporate governance in the functioning of banks. The ever-increasing NPA (sinking debt of banks) and the money withdrawn by fraud is troubling the banks. According to RBI annual report 2019-20, the amount involved in banking frauds is Rs 1.85 lakh crore in 2019-20 and the number of frauds is 8,707. But several big bank frauds have put the banking system in India in serious condition. With this, serious questions have also arisen on the credibility of the monitoring and audit system of banks. Finance Minister Arun Jaitley says that if there are scams happening in many branches of the same bank and no voice is raised then it is a matter of concern. It is regrettable that the bank management remained ignorant of this matter or negligent. Those who do business in the country should do their work with ethics otherwise its consequences can be serious. Apart from all this, banks should also take special care of their employees because some employees work closely with the fraudsters. 

Direction: Read the passage and answer the questions that follow. 

In order for it to be fraud in the legal sense the person on whom the fraud was sought to be committed should have necessarily fallen prey to it. If an attempt of fraud is made but the person concerned was not actually deceived, it is not ‘fraud’ as understood legally. Bank fraud is a fraud committed on banks mainly by fraudulent representations using false documents. Bank fraud concerns all citizens. It is a very sensitive issue as it affects the public faith on which the whole Banking system is predominantly based. Bank fraud includes all sorts of misappropriations, embezzlements, manipulations of negotiable instruments like cheques, bank drafts, bills or statements of accounts, securities etc. With the boom in the banking business, bank frauds are also on the rise. Bank fraud is covered under the Indian Penal Code. Cheques are a major area where frauds are committed by putting counterfeit signature on the cheque. After the economic liberalization started in 1991 in India’s banking system, there has been a lot of expansion and changes have also taken place. Generally, arrangements are also made to monitor banks in every country. And the Reserve Bank does this work in India, but despite this, banks in India have their own challenges. These challenges are related to ethics, financial crisis, and corporate governance in the functioning of banks. The ever-increasing NPA (sinking debt of banks) and the money withdrawn by fraud is troubling the banks. According to RBI annual report 2019-20, the amount involved in banking frauds is Rs 1.85 lakh crore in 2019-20 and the number of frauds is 8,707. But several big bank frauds have put the banking system in India in serious condition. With this, serious questions have also arisen on the credibility of the monitoring and audit system of banks. Finance Minister Arun Jaitley says that if there are scams happening in many branches of the same bank and no voice is raised then it is a matter of concern. It is regrettable that the bank management remained ignorant of this matter or negligent. Those who do business in the country should do their work with ethics otherwise its consequences can be serious. Apart from all this, banks should also take special care of their employees because some employees work closely with the fraudsters. 

Direction: Read the passage and answer the questions that follow. 

In order for it to be fraud in the legal sense the person on whom the fraud was sought to be committed should have necessarily fallen prey to it. If an attempt of fraud is made but the person concerned was not actually deceived, it is not ‘fraud’ as understood legally. Bank fraud is a fraud committed on banks mainly by fraudulent representations using false documents. Bank fraud concerns all citizens. It is a very sensitive issue as it affects the public faith on which the whole Banking system is predominantly based. Bank fraud includes all sorts of misappropriations, embezzlements, manipulations of negotiable instruments like cheques, bank drafts, bills or statements of accounts, securities etc. With the boom in the banking business, bank frauds are also on the rise. Bank fraud is covered under the Indian Penal Code. Cheques are a major area where frauds are committed by putting counterfeit signature on the cheque. After the economic liberalization started in 1991 in India’s banking system, there has been a lot of expansion and changes have also taken place. Generally, arrangements are also made to monitor banks in every country. And the Reserve Bank does this work in India, but despite this, banks in India have their own challenges. These challenges are related to ethics, financial crisis, and corporate governance in the functioning of banks. The ever-increasing NPA (sinking debt of banks) and the money withdrawn by fraud is troubling the banks. According to RBI annual report 2019-20, the amount involved in banking frauds is Rs 1.85 lakh crore in 2019-20 and the number of frauds is 8,707. But several big bank frauds have put the banking system in India in serious condition. With this, serious questions have also arisen on the credibility of the monitoring and audit system of banks. Finance Minister Arun Jaitley says that if there are scams happening in many branches of the same bank and no voice is raised then it is a matter of concern. It is regrettable that the bank management remained ignorant of this matter or negligent. Those who do business in the country should do their work with ethics otherwise its consequences can be serious. Apart from all this, banks should also take special care of their employees because some employees work closely with the fraudsters. 

Direction: Read the passage and answer the questions that follow. 

In order for it to be fraud in the legal sense the person on whom the fraud was sought to be committed should have necessarily fallen prey to it. If an attempt of fraud is made but the person concerned was not actually deceived, it is not ‘fraud’ as understood legally. Bank fraud is a fraud committed on banks mainly by fraudulent representations using false documents. Bank fraud concerns all citizens. It is a very sensitive issue as it affects the public faith on which the whole Banking system is predominantly based. Bank fraud includes all sorts of misappropriations, embezzlements, manipulations of negotiable instruments like cheques, bank drafts, bills or statements of accounts, securities etc. With the boom in the banking business, bank frauds are also on the rise. Bank fraud is covered under the Indian Penal Code. Cheques are a major area where frauds are committed by putting counterfeit signature on the cheque. After the economic liberalization started in 1991 in India’s banking system, there has been a lot of expansion and changes have also taken place. Generally, arrangements are also made to monitor banks in every country. And the Reserve Bank does this work in India, but despite this, banks in India have their own challenges. These challenges are related to ethics, financial crisis, and corporate governance in the functioning of banks. The ever-increasing NPA (sinking debt of banks) and the money withdrawn by fraud is troubling the banks. According to RBI annual report 2019-20, the amount involved in banking frauds is Rs 1.85 lakh crore in 2019-20 and the number of frauds is 8,707. But several big bank frauds have put the banking system in India in serious condition. With this, serious questions have also arisen on the credibility of the monitoring and audit system of banks. Finance Minister Arun Jaitley says that if there are scams happening in many branches of the same bank and no voice is raised then it is a matter of concern. It is regrettable that the bank management remained ignorant of this matter or negligent. Those who do business in the country should do their work with ethics otherwise its consequences can be serious. Apart from all this, banks should also take special care of their employees because some employees work closely with the fraudsters. 

Direction: Read the passage and answer the questions that follow. 

In order for it to be fraud in the legal sense the person on whom the fraud was sought to be committed should have necessarily fallen prey to it. If an attempt of fraud is made but the person concerned was not actually deceived, it is not ‘fraud’ as understood legally. Bank fraud is a fraud committed on banks mainly by fraudulent representations using false documents. Bank fraud concerns all citizens. It is a very sensitive issue as it affects the public faith on which the whole Banking system is predominantly based. Bank fraud includes all sorts of misappropriations, embezzlements, manipulations of negotiable instruments like cheques, bank drafts, bills or statements of accounts, securities etc. With the boom in the banking business, bank frauds are also on the rise. Bank fraud is covered under the Indian Penal Code. Cheques are a major area where frauds are committed by putting counterfeit signature on the cheque. After the economic liberalization started in 1991 in India’s banking system, there has been a lot of expansion and changes have also taken place. Generally, arrangements are also made to monitor banks in every country. And the Reserve Bank does this work in India, but despite this, banks in India have their own challenges. These challenges are related to ethics, financial crisis, and corporate governance in the functioning of banks. The ever-increasing NPA (sinking debt of banks) and the money withdrawn by fraud is troubling the banks. According to RBI annual report 2019-20, the amount involved in banking frauds is Rs 1.85 lakh crore in 2019-20 and the number of frauds is 8,707. But several big bank frauds have put the banking system in India in serious condition. With this, serious questions have also arisen on the credibility of the monitoring and audit system of banks. Finance Minister Arun Jaitley says that if there are scams happening in many branches of the same bank and no voice is raised then it is a matter of concern. It is regrettable that the bank management remained ignorant of this matter or negligent. Those who do business in the country should do their work with ethics otherwise its consequences can be serious. Apart from all this, banks should also take special care of their employees because some employees work closely with the fraudsters.