Read the following passage carefully and answer the questions given below. At the pinnacle of the global financial crisis in 2008 when liquidity crunch hit the Indian credit market, the then finance minister P. Chidambaram constituted a liquidity management committee _______ by the then finance sec

Read the following passage carefully and answer the questions given below.

At the pinnacle of the global financial crisis in 2008 when liquidity crunch hit the Indian credit market, the then finance minister P. Chidambaram constituted a liquidity management committee _______ by the then finance secretary Arun Ramanathan. The decision raised hands as liquidity management is a key function of the RBI. (One of the meetings of that committee was held in the head office of a public sector bank in Bandra-Kurla Complex in Mumbai.) 

An ‘annoyed and upset’ Duvvuri Subbarao,/(1) the then governor of RBI, /(2) calling up the finance minister to say that /(3) he would not participate /(4) in the meeting. Mr. Subbarao himself penned /(1) leading the Reserve Bank of India through /(2) the incident down in his memoir /(3)  five turbulent years./(4) — Who Moved My Interest Rate - /(5) 

The point is, even in such _______ economic circumstances, Mr. Chidambaram did not take specific policy-related issues to the RBI board. But now times have changed. In the last two board meetings of the central bank, /(1) specific issues such as bank capital, debt restructuring scheme, /(2) liquidity for non-banking finance companies and reviewing prompt corrective action framework, (3) apart from the economic capital framework, was discussed. /(4)

A statement issued by RBI after the November 19 board meeting, among other things, said, “The Board, while deciding to retain the CRAR at 9%, agreed to extend the transition period for implementing the last tranche of 0.625% under the Capital Conservation Buffer (CCB), by one year i.e. up to March 31, 2020.”

On the issue of debt recast scheme for /(1) the restructuring of stressed standard assets of MSMEs./(2) micro, medium and small enterprises, /(3) the board ‘advised’ that the RBI should consider a scheme for /(4)  On capital, it was clear that the decision was taken by the board. Clearly, the government wants the board to be more _______. However, the board has members from the corporate world who have a stake in the financial markets, which poses a serious conflict of interest.
The RBI board will discuss the issue of liquidity problems of NBFCs in the next board meeting on December 14, apart from governance issues, and corporate borrowers will be an obvious beneficiary if steps are taken to address the issue

The following sentence may or may not contain an error in one of its parts. Identify the part containing the error. If the sentence is correct, select ‘no error’ as your answer.

An ‘annoyed and upset’ Duvvuri Subbarao,/(1) the then governor of RBI, /(2) calling up the finance minister to say that /(3) he would not participate /(4) in the meeting.

1). 1
2). 2
3). 3
4). 4

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