Read the given passage carefully and select the best answer to each question out of the five given alternatives. Indian households are traditionally known to spirit away their surpluses in land, property and gold, depriving the economy of capital for more productive uses. Therefore, data presented

Read the given passage carefully and select the best answer to each question out of the five given alternatives.

Indian households are traditionally known to spirit away their surpluses in land, property and gold, depriving the economy of capital for more productive uses. Therefore, data presented in RBI’s latest Annual Report showing that households sharply raised their financial savings in FY18 is cause for celebration. Gross financial savings recorded a jump from 9.1% of gross national disposable income in FY17, to 11.1% in FY18, the highest reading in the last seven years. But the data hides some disquieting trends too.

In FY17, bank deposits absorbed 70% of the incremental financial savings of households or 6.3% of their disposable income. Savings in hard currency were negative as demonetisation forced householders to ferret out their cash holdings and park it with banks. Had this trend continued, that would have meant more resources for lending to government and industry.

But RBI data shows that, in FY18, households went right back to hoarding cash in their mattresses. The proportion of disposable income that went into bank deposits plummeted from 6.3% to 2.9% in FY18. Savings in hard currency shot up from a negative 2% to a positive 2.8% in FY18. The shift becomes clearer in money terms. FY17 saw savers draw down their cash holdings by ₹3.1 lakh crore, to deposit ₹9.4 lakh crore into banks. In FY18, they halved their bank deposits to ₹4.7 lakh crore but added ₹4.7 lakh crore in hard currency.

Bank deposits in FY18 fell below pre-demonetisation levels. In the six years to FY16, savers put an average ₹5.8 lakh crore into bank deposits every year. One can only speculate as to why they did this. Expectations of higher inflation and dismal interest rates on deposits may have prompted savers to sit on cash while they re-evaluated their options. Or, faith in the banking system may have been shaken by scary news on bad loans, bail-ins and mega fraud.

While banks were losers, market-linked products reaped a bonanza. ‘Shares and debentures’, a category of financial savings, saw a significant jump in FY18. This includes investments in shares and bonds issued by both the private and public sectors and units of mutual funds. Market instruments bagged 0.9% of income in FY18, up from 0.2-0.3% in the previous 6 years.

Which of the following words is the most similar in meaning to the word ‘dismal’ as given in the passage?
1). Aversion
2). Depressing
3). Liabilities
4). Embraced

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