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Important Vocabs for Competitive Exams(September 14, 2018)

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Dear Aspirants,
Continuing our best effort, we at Bsc4Success come up with a new initiative, which will not only boost your preparation for the Upcoming Examinations but also helps you in making your Vocabulary strong, christened as “Exclusive Important Vocabs for Competitive Exams”. This new initiative is launched to take care of Our Aspirants preparation so that they can perform well in English section as well.

Sage¹ advice: on Raghuram Rajan’s suggestions

Raghuram Rajan’s suggestions on preventing a financial crisis must be heeded (paid attention to)

Former RBI Governor Raghuram Rajan’s note of caution on the next financial crisis that could be building up needs to be taken in all seriousness. In his note to Parliament’s Estimates Committee on bank non-performing assets (NPAs), Mr. Rajan has flagged three major sources of potential trouble: Mudra credit, which is basically small-ticket loans granted to micro and small enterprises; lending to farmers through Kisan Credit Cards; and contingent liabilities (liabilities that may be incurred by an entity depending on the outcome of an uncertain future event) under the Credit Guarantee Scheme for MSMEs, run by the Small Industries Development Bank of India. The disbursement under Mudra loans alone is ₹6.37 lakh crore, which is over 7% of the total outstanding bank credit. These loans have been sanctioned under the Pradhan Mantri Mudra Yojana, which aims to ‘fund the unfunded’, and is a signature scheme of the NDA government. Given that these are small loans up to ₹10 lakh each, with the borrowers mostly from the informal sector, banks have to monitor them very closely. It is debatable whether banks have the resources and manpower to do this when they are chasing the bigger borrowers for business and, increasingly these days, recoveries. The risk is that these small-ticket loans will drop under the radar (to go unnoticed or undetected) and build into a large credit issue in course of time. The same logic holds true for crop loans made through Kisan Credit Cards.

Mr. Rajan’s advice on loan waivers has been made by him and others in the past. But the political class has chosen to turn a deaf ear (refuse to listen or respond to a statement) to this advice, vitiating (spoiling or impairing the quality or efficiency of) the credit culture and creating a moral hazard (a situation in which one party gets involved in a risky event knowing that it is protected against the risk and the other party will incur the cost) where farmer-borrowers assume that their loans will invariably be waived off. The former RBI Governor has strongly defended the RBI against criticism, often unfair, over its policies on NPA recognition and resolution. He rightly termed as “ludicrous (unreasonable) the allegations that the economy slowed down because of the RBI. Recognition is the first step in a clean-up, and unless banks are cleaned of their non-performing loans, they cannot make fresh loans. The Central government should also take note of some forward-looking statements that Mr. Rajan has made on the governance of banks. Among his suggestions to avert a recurrence of the current mess are, professionalising bank boards with appointments done by an independent Banks Board Bureau; inducting (admitting someone formally to a post or organization) talent from outside banks to make up for the deficit within; revising compensation structures to attract the best talent; and ensuring that banks are not left without a leader at the top. It is a comment on the state of our polity that despite the important issues that Mr. Rajan raised, political parties have chosen to pick only the points that are convenient to them — about the period when these bad loans were made and the purported (appeared to be) inaction over a list of high-profile fraud cases highlighted by him.

Source – The Hindu

1. Sage (Adjective) – Profoundly wise (बुद्धिमान)

Synonyms – Contemplative, Cunning, Enlightened, Sharp, Smart, Sound, Astute

Antonyms – Dull, Stupid, Unintelligent

2. Heed (Verb) – Pay attention to (ध्यान देना)

Synonyms – Hear, Listen, Obey, Observe, Attend, Consider, Dig, Follow, Hark, Regard, Take notice of

Antonyms – Ignore, Disregard, Neglect, Overlook

3. Contingent liabilities (Accounting Term) – Liabilities that may be incurred by an entity depending on the outcome of an uncertain future event (आकस्मिक देयताएं)

4. Drop under the radar (Phrase) – To go unnoticed or undetected 

5. To turn a deaf ear (Phrase) – To refuse to listen or respond to a statement

6. Vitiate (Verb) – Spoil or impair the quality or efficiency of something (दुषित करना)

Synonyms – Debase, Defile, Pervert, Sully, Blemish, Blight, Brutalize, Contaminate, Debauch, Deprave, Deteriorate, Injure, Mar, Taint, Tarnish, Warp

Antonyms – Honor, Purify, Assist, Benefit, Bless, Cure, Heal, Improve, Mend

7. Moral hazard (Noun) – A situation in which one party gets involved in a risky event knowing that it is protected against the risk and the other party will incur the cost (नैतिक जोखिम)

8. Ludicrous (Adjective) – Unreasonable (ऊटपटांग)

Synonyms – Absurd, Ridiculous, Bizarre, Comical, Crazy, Farcical, Foolish, Grotesque, Incongruous, Outlandish, Preposterous, Silly

Antonyms – Common, Grave, Reasonable, Sensible, Tragic, Wise, Logical

9. Induct (Verb) – To admit someone formally to a post or organization (शामिल करना)

Synonyms – Conscript, Enlist, Recruit, Introduce, Sign on

Antonyms – Take away, Blackball, Expel, Reject

10. Purported (Verb) – Appeared to be (कथित)

Synonyms – Asserted, Implied, Pretended, Professed, Alleged, Claimed, Conveyed, Declared, Denoted, Expressed, Indicated

Antonyms – Concealed, Denied, Disclaimed

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