The Reserve Bank has taken a bold __(1)__ in the development of money, the government securities and the foreign exchange markets in __(2)__ of their critical role in overall growth and development of the economy and __(3)__ in the transmission mechanism of monetary policy. The approach has been one of simultaneous movements on several fronts, graduated and callibrated, with an __(4)__ on institutional and infrastructural development and improvements in market micro structure. The pace of reforms was contingent __(5)__ putting in place appropriate systems and procedures, technologies and market practices. Initiatives taken by the Reserve Bank have brought about a __(6)__ transformation of various segments of the financial market. These developments by improving the depth and liquidity in domestic financial markets have __(7)__ to better price discovery of interest rates and exchange rates, which, in turn, has led to greater __(8)__ in resource allocation in the economy. The increase in size and depth of financial market has __(9)__ the way for __(10)__ use of indirect instruments.

1)
a) interest
b) participation
c) step
d) role
e) None of these

2)
a) point
b) tune
c) view
d) pursuit
e) None of these

3)
a) decisively
b) reluctantly
c) visibly
d) particularly
e) None of these

4)
a) equilibrium
b) emphasis
c) appeasement
d) overload
e) None of these

5)
a) by
b) for
c) against
d) upon
e) None of these

6)
a) trivial
b) jubilant
c) fastidious
d) significant
e) None of these

7)
a) addressed
b) contributed
c) initiated
d) evolved
e) None of these

8)
a) measures
b) activism
c) debacle
d) efficiency
e) None of these

9)
a) paved
b) repaired
c) dug
d) elevated
e) None of these

10)
a) revolutionised
b) indiscriminate
c) flexible
d) arbitrary
e) None of these