NATIONAL:
1. Vande Bharat in Northeast
Why in news - PM Narendra Modi Monday virtually inaugurated the first Vande Bharat Express in the Northeast.
Key Points –
• Connects - Guwahati (Assam) to New Jalpaiguri (West Bengal).
Value Addition –
• Capitals of India’s northeastern states would soon be connected by rail by 2024.
• Currently, all northeastern states barring Sikkim are connected through rail.
INTERNATIONAL:
1. Lower Arun Hydropower Project (HPP)
Why in news - Nepal allowed India's Satluj Jal Vidyut Nigam (SJVN) Limited to develop a second hydropower project in the country.
Key Points –
• To develop the 669-megawatt (MW) Lower Arun Hydropower project in eastern Nepal.
• 3rd project on the Arun River after Arun-III (900 MW) and Arun-IV (695 MW) HPP.
About the Project –
• Location - Sankhuwasabha and Bhojpur districts.
• No provision for reservoir or dam.
• A tailrace development of Arun-III. It mean water re-enters the river for the Lower Arun project.
Value Addition -
• SJVN has formed a local company, Lower Arun Power Development Company, in Nepal.
• At present SJVN is developing a 900-MW Arun -III HPP, a run-of-river located on the Arun River in Eastern Nepal, to be completed in 2024.
ECONOMY:
1. Evergreening of Loans
Why in news - RBI governor Shaktikanta Das cautioned against evergreening of loans.
Key Points –
• Banks were using innovative ways to conceal the real status of stressed loans.
• If an account turns into a non-performing asset (NPA), banks are required to make higher provisions which will impact their profitability.
• Provisioning - As per RBI norms, banks must set aside funds to cover losses against their NPA. Such ‘provisioning of funds’ decrease profitability of the Bank.
Value Addition –
• Evergreening of loans - A form of zombie lending. (temporary fix for a bank).
• Stressed Asset = NPA + Loans Written-Off + Restructured Loans.
• Dressing up bad loans –
(a) Give additional funds to companies that don’t have the capacity to repay.
(b) Delay the recognition of losses due to loan defaults.
(c) Rolling over of debts of unviable borrowers.
(d) Extended loans to wilful defaulters to keep them out of the defaulters’ books.
• NPA - if the interest or installment remains unpaid for a period of more than 90 days.
RBI steps to prevent evergreening –
• Asset Quality Review (2015) - A special exercise by the Reserve Bank of India (RBI) inspectors to check bank books. Bank doesn’t change in loan interest, tenure or terms, but asks client to rectify his irregularity in loan-repayment.
• 5/25 for Infrastructure loans - RBI allowed banks to extend infra-loan tenure up to 25 yrs and even decrease loan interest rate. But such interest rate will be reviewed each 5yrs.
SCIENCE – TECH:
1. X-Ray Polarimeter Satellite (XPoSat)
Why in news – ISRO is collaborating with the Raman Research Institute (RRI), Bengaluru to build the X-Ray Polarimeter Satellite (XPoSat).
Key Points –
• India’s first, and only the world’s second polarimetry mission. [1st - NASA’s Imaging X-ray Polarimetry Explorer (IXPE)].
• Aim –
(a) To study various dynamics of bright astronomical X-ray sources in extreme conditions.
(b) To observe polarized X-rays from neutron stars and supermassive black holes.
• It help study where the light came from and understand the geometry and inner workings of the light source.
• Carries 3 space telescopes. Each hosts one light-weight X-ray mirror and one detector unit.
• XPoSat’s payloads –
(a) POLIX (Polarimeter Instrument in X-rays) – to measure the polarimetry parameters (degree and angle of polarisation).
(b) XSPECT (X-ray Spectroscopy and Timing) - to give spectroscopic information (on how light is absorbed and emitted by objects).
Value Addition –
• X-rays have much higher energy and much shorter wavelengths (0.03 and 3 nanometers).
• X-rays consist of moving electric and magnetic waves.
• Physical temperature of an object determines the wavelength of the radiation it emits. The hotter the object, the shorter the wavelength of peak emission.
• X-rays source - Objects that are millions of degrees Celsius such as pulsars, galactic supernova remnants, and black holes.
• Fishermen use polarised lenses to reduce glare from sunlight when they are near water.
IMPORTANT DAYS:
1. 140th Veer Savarkar Birth Anniversary 2023
Why in news – Maharashtra celebrated the birth anniversary of Veer Savarkar at the Maharashtra Sadan in New Delhi for the first time on May 28, 2023.
Key Points –
• New building of the Parliament was inaugurated on his birth anniversary.
About VD Savarkar –
• Fierce advocate of the Hindu religion and Hindutva.
• Formed Mitra Mela (1903, Nashik) - An underground revolutionary organization, which became Abhinav Bharat Society in 1906.
• March 13, 1910, he was arrested in London for organising an armed revolt against the Morley-Minto Reforms.
• July 4, 1911 - Following two trials, he was sentenced to 50-years and transported to the infamous Cellular Jail in the Andaman and Nicobar Islands.
• January 6, 1924 - He was released but confined to Ratnagiri District.
• In 1922, he wrote his "Essentials of Hindutva" which formulated his theory of Hindutva.
AWARDS & HONOURS:
1. 57th Jnanpith Award
Why in news – Goan writer Damodar Mauzo (Konkani language) has received the prestigious Jnanpith Award.
Key Points –
• It is India's highest literary honour.
• Mauzo's famous novel 'Karmelin' received the Sahitya Akademi Award in 1983.
• Mauzo is the second Goan to receive the Jnanpith Award. (1st - Ravindra Kelekar, 2008).
SPORTS:
1. 16th IPL 2023
Why in news – Chennai Super Kings beat Gujarat Titans to win 5th IPL title.
Key Points –
• Final held on May 29, 2023. (reserve day).
• Venue - Narendra Modi Stadium, Ahmedabad.
• Winning amount – Rs 20 crore. (runner up – Rs 12.5 crores).
Value Addition –
• Orange cap (highest run-scorer) - Shubman Gill (890 runs) (GT) (only the second Indian batsman to score over 800 runs in a season. 1st – Virat Kohli).
• Purple Cap - Mohammad Shami (28 wickets) (GT)
• Most valuable player of the season award - Shubman Gill (GT).
• Player of the match award - Devon Conway (CSK).
POINTERS:
• ADB will provide $141.12 million for the development of an industrial corridor in which state - Andhra Pradesh.
• Government school students of which state will have a standardized uniform – Maharashtra.
• Which day is celebrated all over the world on 28 May 2023 - World Menstrual Hygiene Day.
• Which state has launched 'Jungle Safari' at Jaisamand Wildlife Sanctuary – Rajasthan.
• Which state government has tied up with Infosys & NASSCOM to boost employability of students in Higher Education Institutions (HEIs) – Odisha.
• Which Union Minister has launched the PCIM&H 'e-Office' and Online Portal - Sarbananda Sonowal.
• Which country will manufacture the generic version of the highly effective drug Cabotegravir used in the prevention of HIV - South Africa.
• In which city the North India Government Fair has been organized – Noida.
• Which state's GCC 'Araku Coffee' has got the organic certificate - Andhra Pradesh.
• Which country has launched its indigenous space launch vehicle KSLV-II Nuri - South Korea.