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Fill in the blanks with the appropriate words:
he Reserve Bank of India on Friday asked the banks and other lenders to report the accounts restructured due to coronavirus ___(1)___ to credit bureaus. Lenders should make necessary ___(2)___ to their system and ___(3)___ it to credit bureaus within two months, the banking regulator said. All commercial banks including small finance banks, local area banks and regional rural banks, primary (urban) co-operative banks/state co-operative banks/district central co-operative banks, India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) and non-banking financial companies (including housing finance companies) were ___(4)___ to apprise the credit bureaus about restructuring the accounts. The regulator modified the format to ___(5)___ the restructuring of accounts due to COVID-19.
For the consumer bureau, the label of the field ‘written off and settled status’ is modified as ‘Credit Facility Status’ and it will also have a new catalogue value, viz., ‘restructured due to COVID-19’, RBI said. For the commercial bureau, the existing field ‘Major reasons for restructuring’ will have a new catalogue value, viz., ‘restructured due to COVID-19’, it added. The ___(6)___ field ‘account status’ will have a new catalogue value, viz., ‘restructured due to COVID-19' for MFI bureau.
Select the most appropriate option to fill in blank no 3.
Report
Recuperate
Reiterate
Fathom
Emend
- Statement Analysis: The sentence requires a verb that indicates an action to be taken by banks and lenders toward the credit bureaus, pertaining to accounts restructured due to COVID-19.
- Option: 1, Report: To present or submit information or data to someone or something. This fits well with the context where banks are required to submit restructuring data to credit bureaus.
- Correct Answer: Report
- Option: 2, Recuperate: Means to recover from illness or exertion. It doesn’t fit the context which is about submitting data.
- Option: 3, Reiterate: Means to say something again or a number of times, typically for emphasis. It doesn’t align with the action described in the sentence.
- Option: 4, Fathom: Means to understand after much thought. It’s not relevant to the action of submitting or updating information.
- Option: 5, Emend: Means to make corrections or improvements in a text. Although somewhat related to modifying systems, it doesn’t convey the idea of submitting information.
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