Daily Current Affairs Quiz 1 June 2023

a) It refers to the practice of providing credit to entities that do not have the capability to repay.

Zombie lending refers to the practice of providing credit to entities that do not have the capability to repay.
· Evergreening – If an account turns into a non-performing asset (NPA), banks are required to make higher provisions which will impact their profitability.

· To avoid classifying a loan as an NPA, banks adopt the evergreening of loans.

· In the past, many banks had indulged in dressing up bad loans and given additional funds to companies who didn’t have the capacity to repay.

· An increase in lending to unproductive firms, popularly referred to as zombies will inflates credit growth and the resultant loan defaults haunt financial institutions at a later stage.

RBI Governor Shaktikanta Das warned about the banks adopting innovative methods for evergreening of loans.

b) Razorpay

Payment gateway Razorpay has launched ‘Turbo UPI’ service to facilitate online merchant customers to make UPI payments directly without redirecting them to third party UPI apps during checkout. According to the company, the new feature further simplifies the payment process. Razorpay is an India-based, fintech company founded in 2013 providing payment gateway services to sellers, merchants and ecommerce platforms.

d) Iran

Kheibar is a long-range ballistic missile with a potential range of 2,000 kilometres. It was recently test fired by Iran.
It is capable of reaching a range of 2,000 kilometers and carrying a warhead weighing up to 1.5 metric tons. The United States claimed that Iran’s missile program posed a ‘serious threat’.

c) Cambodia

King Norodom Sihamoni of Cambodia is on his first state visit to India. This is the first visit of the King of Cambodia to India since the present King’s father King Norodom Sihanouk came to India in 1963. The Cambodian King also held bilateral meetings with the President and the Prime Minister. India has announced a grant of USD 1.5 million for the acquisition of mining equipment in Cambodia.

a) South Korea

South Korea recently launched its home-grown space rocket, Nuri. It successfully delivered a commercial-grade satellite into orbit.
The three-stage, 155-foot-tall rocket successfully deployed all of its payloads into their designated orbits, as per the Korea Aerospace Research Institute (KARI), South Korea’s space agency.