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Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer?.

Solutions for Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Directions: Read the passage carefully and answer the questions given beside.The introduction of digital payment systems has helped facilitate high-value transactions and reduce the dependence on currency notes. Accordingly, the RBI Annual Report 2021-22 observed that the payment systems recorded a robust growth of 63.6 percent in terms of volume during 2021-22 on top of the expansion of 26.7 percent in the previous year. In value terms, the growth was 23.1 percent as against a decline of 13.4 percent in the previous year, mainly due to robust growth observed in the large value payment system, namely, RTGS. The share of digital transactions in the total volume of noncash retail payments increased to 99.3 percent during 2021-22, up from 98.8 percent in the previous year. The Annual Report further mentioned that the total turnover of digital payments in value terms was 1,744.14 lakh crore as compared with 1,414.59 lakh crore in 2020-21. In terms of volume, the total digital turnover was 7,19,531 lakhs as compared with 4,37,455 lakhs in 2021. This shows that digital payments have picked up. In the above context, it is pertinent to mention that a survey conducted by RBI in 2020 of households revealed that their preference for digital payments has increased. The survey concluded that the Pandemic induced “switch to digital” is likely to be permanent if there are significant changes in the underlying enablers such as enhancement in the payment infrastructure, more merchant onboarding, reduction in frauds, greater customer trust in digital payments, and enhanced ease of use of such payment modes. This would ensure that the recent shift in preferences towards digital payments is not just a temporary spike but a permanent behavioral shift.One important issue in this context is that the Rs.2000 notes are required to be replaced with other bank notes. From the data published by the RBI, we ascertain that the preferred notes for replacement will be 500 denomination as the share of these notes is higher at 22,77,340 crore accounting for 73.3 percent of the total. There could be a possibility of printing more 500 denomination bank notes. To meet this exigency, the RBI has taken a sufficient time of four months. However, the efficient delivery of the notes depends on the estimates of the bank branches to make an indent to the currency chest to get the amount. The bank branches should work efficiently so that hardship is not faced by the public. The RBI has already issued a circular to the banks to this effect.Q.Based on the information in the passage, why is the replacement of 2000 notes with other bank notes discussed as an important issue?a)2000 notes are no longer in circulation.b)2000 notes are less preferred by the public.c)There is a possibility of printing more 500 denomination notes.d)The RBI has issued a circular to replace 2000 notes.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CLAT tests.