Daily Current Comprehensive Test Paper – Crowd Funding

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17 Feb, 2016

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Reading Comprehension

Worksheets on Current Topics for Banking English Test Papers – XXIII

Nirdeshak is developing tailor made comprehension section from the recent news articles published in leading newpapers across the world. It is important to recognizing letters and words in the passage, as it is the first step in learning to read. For students it is vital that students comprehend, or understand, what they are reading. They must be able to get the meaning of the text: What is the author telling the reader?

Passage: Crowd funding

When Nikhil Sarup, founder of a legal startup, learned about the deplorable condition of Tara Balgopal, an 82 year old veteran danseuse, he offered to fight her case pro-bono. He also initiated a campaign on crowd funding platform, Ketto. In less than 2 days, over 3 lakh poured in and when the campaign ended, Sarup had raised over 8 lakh from over 400 backers. That’s the power of crowd.
As a concept, crowd funding is not new to India. From Dhirubai Ambani’s then small venture funded by locals to temples being built overnight with donations, India has harnessed crowd power. Startups such as Ketto, BitGiving and Wishberry have repackaged this age-old concept with a digital bow.
Crowd funding platforms now cater to a plethora of causes from disaster relief, entrepreneurship, art, individual causes and environmental issues. When Delhi based animal care shelter Friendicoes was on the verge of shutting shop, animal lovers came to their rescue on BitGiving. Friendicoes managed to rope in upto 60 lakh (thrice the goal amount). “People are defining what they want to do and what the crowd resonates with”, said Ishita Anand, co-founder, BtiGiving.
“While abroad, gaming and technology draw the crowd, closer home, it is sports related campaigns”, said Anand. While BitGiving helped the Indian National Hockey Team bag over 5 lakh to support their participation in the Asian Championship, Catapooolt helped Anjum Jamsenpa raise 24 lakh to break her own record and summit Mt Everest for the fourth time.
2015 also witnessed ample backers for creative projects. “The arts space has always been patron driven. Such patronage is getting tech enabled as artists need a platform to connect with their audience,” Anshulika Dubey, co-founder, Wishberry said. Punyakoti, an animated film in Sanskrit bagged 42 lakh from 300 funders on Wishberry in November this year. WishBerry has funded 250 projects totalling 7 crore with 15,000 backers till date. Dubey says moving forward, the focus would be on regional films.

Experts say the growth of such platforms may lead to a level playing field in the startup ecosystem. “With the startup fervour gaining ground, youngsters are enthused to strike it out on their own and such platforms give them capital to propel their idea,” said K Ramakrishnan, executive director & head – investment banking at Spark Capital, an investment banking firm.
Catapooolt, founded by Satish Kataria helped CarIQ, an Internet of Things product garner funds for its presales through Catapooolt. “Our platform has helped nurture some unique ideas such as Greensoles, a company that refurbishes sports shoes into slippers which raised about 2 lakh. Startups are no more at the mercy of investors,” said Kataria. In two years, the platform has raised around 20 crore from over 14,000 contributors.

Q1. Deplorable

a) Lamentable

b) Desirable

c) Considerable

d) Unbelievable


Q2. Pro-bono

a) Considerate

b) Free

c) Substantial

d) Premeditate


Q3. Danseuse

a) A journalist

b) A female ballet dancer

c) A male dancer

d) A female choreographer


Q4. Harnessed

a) Harmed

b) Gathered

c) Endangered

d) Utilized


Source of the article


Q1. a)

Q2. b)

Q3. b)

Q4. d)

The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.


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