Directions: Select the most appropriate phrase to replace the underlined phrase in the given sentence to make it grammatically correct. Select 'No correction required' as the answer, if the sentence is correct as it is.
The fraud comes at a time when the unregulated microfinance industry is facing a crisis on its way of high interest rates and low repayment of loans.
[UBI (PO), 2011]
Explanation
The underlined phrase "on its way" must be replaced with option C "by way of " to make it grammatically correct.
Corrected sentence: The fraud comes at a time when the unregulated microfinance industry is facing a crisis by way of high interest rates and low repayment of loans.
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