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Daily Current Affairs 28 December 2023, Important News Headlines (Daily GK Update)

Read the most important current affairs of 28 December 2023. Today Current Affairs covers the headlines on Ayodhya Dham Railway Station, Fatah-II Rocket System, New CEO of Kotak Mahindra Bank.

Top 19 Current Affairs and News Headlines of 28 December 2023

National News

1.IOA Forms Ad Hoc Committee to Govern Suspended WFI

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  • In response to the suspension of the Wrestling Federation of India (WFI) by the Sports Ministry, the Indian Olympic Association (IOA) has established a three-member ad hoc committee to oversee the day-to-day operations of the WFI.
  • The Sports Ministry took action three days after the WFI elected new office bearers, including Sanjay Singh as president. The ministry accused the WFI of violating its own constitution and instructed the IOA to form an ad-hoc panel.
  • The committee is tasked with overseeing various aspects of WFI’s operations, including athlete selection, international event participation, organizing sports activities, managing finances, handling the website, and other related responsibilities.

2.MHA Declares Muslim League Jammu Kashmir (Masarat Alam faction) Unlawful Under UAPA

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  • The Ministry of Home Affairs (MHA) has designated the Muslim League Jammu Kashmir (Masarat Alam faction) as an “unlawful association” for a five-year period under the anti-terror Unlawful Activities (Prevention) Act (UAPA).
  • The Ministry revealed that the outfit had been actively raising funds through various sources, including Pakistan and its proxy organizations, to perpetrate unlawful activities.
  • The organization’s objectives included seeking the freedom of Jammu and Kashmir from India, aspiring to merge the region with Pakistan, and establish Islamic rule.

3.Ayodhya Railway Station To Be Renamed As Ayodhya Dham

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  • The holy city of Ayodhya is gearing up for a major transformation, with the renaming of its iconic railway junction and the inauguration of a brand new airport.
  • The Ayodhya Dham railway station is now a state-of-the-art facility that seamlessly blends ancient Indian architecture with modern amenities. The station building resembles a majestic temple, adorned with domes, pillars, arches, and murals depicting the life and glory of Lord Rama.
  • Located about 25 kilometers from the city, the new airport is poised to become a game-changer for Ayodhya’s connectivity and accessibility. The airport will cater to both domestic and international flights, making it easier for pilgrims and tourists from all over the world to reach the holy city.

International News

4.Pakistan Successfully Tests Advanced Rocket System Fatah-II

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  • Pakistan’s military successfully conducted a flight test of the indigenously developed guided multi-launch rocket system Fatah-II , showcasing a significant advancement in its missile capabilities.
  • With a 400-kilometer range, Fatah-II significantly expands Pakistan’s strike capabilities compared to the previous Fatah-1 system (250 kilometers). This enhances strategic deterrence and provides greater operational flexibility.
  • The system features “state-of-the-art avionics, sophisticated navigation system, and unique flight trajectory,” according to the Inter-Services Public Relations (ISPR), ensuring high accuracy in hitting designated targets.
  • The successful test underlines Pakistan’s growing self-reliance in defense technology. Fatah-II represents the culmination of years of research and development by Pakistani scientists and engineers.

State News

5.Incident Of Ammonia Gas Leakage Reported In Ennore Region, Chennai

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  • Late on Tuesday night, a fertilizer plant in North Chennai’s Ennore area experienced an ammonia gas leak, leading to the hospitalization of around 50 people.
  • The gas leak occurred from an underwater pipeline that runs from the sea to the fertilizer manufacturing facility of Coromandel International Limited.
  • The affected individuals experienced symptoms such as breathlessness, burning in their eyes, throat, nose, and chest. In the aftermath of the incident, local residents expressed anger and concern, demanding the immediate closure of the factory.

6.Ayodhya Airport to be renamed Maharishi Valmiki Airport

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  • Ayodhya, the holy city in Uttar Pradesh, is all set to get its first international airport, marking a significant development in its pilgrimage and tourism potential.
  • The airport currently boasts the lengthy name “Maryada Purushottam Shri Ram International Airport.”
  • The Yogi Adityanath government is reportedly considering renaming it “Maharishi Valmiki Airport,” honoring the revered poet who authored the epic Ramayana.
  • The proposed name change aligns with the religious significance of the city and pays homage to Maharishi Valmiki, whose Ramayana immortalized the story of Lord Rama.

Economy News

7.CEBR Forecasts India As Third-Largest Economy By 2032, Global Economic Leader By Century’s End

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  • The Centre for Economics and Business Research (CEBR) has recently released a groundbreaking report projecting India’s trajectory as the preeminent global economic superpower by the close of the century.
  • This trajectory positions India to become the world’s third-largest economy by 2032, outpacing economic stalwarts like Japan and Germany.
  • According to the latest World Economic League Table by CEBR, India’s GDP is poised to exceed that of China by a staggering 90% and surpass that of the United States by 30%. This monumental shift is anticipated to materialize post-2080,

Banking News

8.Indian Banks Achieve 12.2% Growth in FY23: RBI Report

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  • The Reserve Bank of India (RBI) released a report applauding the performance of Indian banks and non-bank lenders, emphasizing the need for stronger governance and risk-management practices to fortify their balance sheets.
  • Despite a remarkable 12.2% growth in the consolidated balance sheet of scheduled commercial banks (SCBs) in 2022-23, the RBI underscored the importance of continued improvement.
  • The consolidated balance sheet of SCBs witnessed a remarkable 12.2% growth in 2022-23, marking the highest in nine years.

9.RBI Unveils Forex Correspondent Scheme to Enhance Foreign Exchange Services

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  • In a strategic move to enhance the accessibility of foreign exchange services, the Reserve Bank of India (RBI) is set to introduce a groundbreaking category of money changers known as Forex Correspondents (FxCs).
  • The FxCs will operate under a principal-agency model, partnering with Category-I and Category-II Authorised Dealers (ADs) without the need for separate authorization from the RBI.
  • Under the proposed Forex Correspondent Scheme (FCS), the FxCs will engage in agency agreements with either AD Category-I or AD Category-II, establishing a collaborative framework to extend the reach of foreign exchange services.
  • Notably, these entities will be exempt from the requirement of seeking individual authorization from the RBI, marking a departure from the existing regulatory process.

10.RBI Approves IDFC-IDFC First Bank Merger

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  • The Reserve Bank of India (RBI) has granted approval for the reverse merger of IDFC Ltd with its banking subsidiary, IDFC First Bank. IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) have received RBI’s “No Objection” for the composite scheme of amalgamation on December 26, 2023.
  • The merger involves IDFC FHCL merging with IDFC first, followed by the merger of IDFC into IDFC First Bank Ltd. Under the proposed reverse merger, an IDFC shareholder will receive 155 shares for every 100 shares held in the bank, with both stocks having a face value of Rs 10 each.

11.Bank of Baroda To Sell 100% stake In Its New Zealand subsidiary

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  • In a newspaper advertisement released on December 27, Bank of Baroda disclosed its intention to divest its entire 100 percent stake in Bank of Baroda (New Zealand).  Bank of Baroda (New Zealand) is a wholly owned subsidiary of Bank of Baroda.
  • The bank is actively seeking an investment banker for the sale and disinvestment process. The deadline for the submission of proposals has been set at 2:00 pm on January 24.
  • During FY22, the bank concluded its activities in Hong Kong and South Africa. Additionally, in FY2023, one of its branches in the UAE was shut down.

Business News

12.Israel Grants Intel $3.2 Billion for $25 Billion Chip Plant Amid Ongoing Conflict

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  • Israel’s government has approved a substantial $3.2 billion grant for Intel Corp.’s ambitious plan to construct a $25 billion chip plant in southern Israel.
  • This marks the largest investment ever made by a company in Israel, showcasing significant support amid the ongoing conflict with the Palestinian militant group Hamas.
  • The chosen site for the expansion, Kiryat Gat, is located 42 km (26 miles) from the Hamas-controlled Gaza Strip. The move in Israel is part of Intel’s broader efforts, complementing ongoing and planned manufacturing investments in both Europe and the United States.

13.LIC To Open New Branch Office In GIFT City

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  • The Life Insurance Corporation (LIC), often referred to as an insurance behemoth, has taken the decision to open a branch office at GIFT City, the sole operational International Financial Services Centre (IFSC) in the country.
  • The decision to establish a presence at GIFT City was formally approved by the Board of LIC during its meeting on Tuesday.
  • GIFT IFSC has emerged as a dynamic hub hosting various financial entities, including insurance and intermediary firms, fintech companies, banks, and other ancillaries.
  • LIC’s move to set up a branch office in this strategic location signifies its intent to leverage the opportunities presented by GIFT City, positioning itself strategically within the financial services ecosystem.

Agreements News

14.India, Russia Sign Deals For Kudankulam Nuclear Plant Units

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  • In a significant development affirming the enduring partnership between India and Russia, crucial agreements were signed marking a major stride in the construction of future power-generating units at the Kudankulam nuclear power plant.
  • The Kudankulam nuclear power plant, India’s largest, has been under construction in Tamil Nadu since March 2002 with technical assistance from Russia.
  • The initial phase became operational in February 2016, operating at its designed capacity of 1,000 MW. Plans project the plant to reach full capacity by 2027.
  • Jaishankar shared that negotiating teams from both nations would meet by the end of January to commence in-person discussions on a free trade agreement between India and the Eurasian Economic Zone.

Appointments News

15.RBI Approves CS Rajan As The Chairman Of Kotak Mahindra Bank

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  • The Reserve Bank of India has recently given its nod for the appointment of C S Rajan as the part-time Chairman of Kotak Mahindra Bank. Rajan’s tenure is set to commence on the 1st of January 2024, lasting for a period of 2 years.
  • The decision comes as the term of the incumbent part-time Chairman, Prakash Apte, concludes on the 31st of December 2023, according to the official statement released by Kotak Mahindra Bank.
  • C S Rajan’s association with Kotak Mahindra Bank began when he was appointed as an Independent Director on the Board on the 22nd of October 2022. A retired Indian Administrative Service (IAS) officer from the 1978 batch, Rajan served as the Chief Secretary of the Government of Rajasthan until 2016.

Sports News

16.Indian Wrestler Pooja Dhanda Suspended for One Year Due to Whereabouts Failures

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  • Indian wrestler Pooja Dhanda, a decorated athlete with international accolades, has been suspended for one year by the National Anti-Doping Agency (NADA) due to three whereabouts failures.
  • NADA, established in 2005, is India’s central anti-doping agency responsible for testing athletes to ensure fair competition and adherence to World Anti-Doping Agency (WADA) regulations.
  • Elite athletes like Pooja, included in the Registered Testing Pool (RTP), must provide a 60-minute window for potential testing during the year.
  • Failing to comply with these obligations constitutes a whereabouts failure, with three such failures within 12 months leading to a suspension.
  • This suspension significantly impacts Pooja’s career trajectory, potentially affecting her training and preparation for future events.

Science & Technology News

17.Reliance Jio and IIT Bombay Collaborate for Bharat GPT Program and Smart TV Operating System

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  • In a strategic partnership, Reliance Jio Infocomm, under the leadership of Chairman Akash Ambani, is set to launch the ‘Bharat GPT’ program in collaboration with the Indian Institute of Technology-Bombay.
  • Ambani revealed the company’s comprehensive plans, including the development of an operating system (OS) for smart TVs, signaling the evolution of Jio’s vision into “Jio 2.0.”
  • Reliance Jio is actively working with IIT Bombay on the Bharat GPT program. The company is in the advanced stages of creating its own operating system for smart TVs.  The company aims to build a robust ecosystem of development in line with its vision of “Jio 2.0.”

Obituaries News

18.Tamil Superstar and Politician Vijayakanth Passes Away at 71

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  • Tamil Nadu mourns the passing of beloved actor and politician Vijayakanth, fondly called “Captain,” who breathed his last today at the age of 71.
  • Born Vijayaraj in 1952, Vijayakanth’s film career began in 1979 with “Iniukum Ilamai.” He rose to fame through films like “Senthoora Poove,” “Pulan Visaranai,” “Chatriyan,” “Captain Prabhakaran,” “Chinna Gounder,” and “Ramana,” among others.
  • His rugged persona and portrayal of strong characters resonated deeply with audiences, particularly in rural areas, earning him the nickname “Karuppu MGR,” referencing MGR, another iconic Tamil actor-politician.
  • His dedication to cinema was recognized with the prestigious Kalaimamani award in 2001 and the Tamil Nadu State Film Award for his performance in “Ramana” (2002).

19.Parasite Actor Lee Sun-kyun Passed Away At 48

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  • South Korean actor Lee Sun-kyun, widely recognized for his role in the Oscar-winning film Parasite, has been found dead in an apparent suicide in central Seoul.
  • Born in Seoul, South Korea, on March 2, 1975, Lee Sun-kyun left an indelible mark as an actor and manager, earning acclaim for his roles in films like Parasite (2019) and A Hard Day (2014).
  • Affectionately dubbed “The Voice” by fans, he earned this nickname due to his distinctive deep voice. In Korea, he was widely acclaimed for his roles in the thriller Helpless (2012), the romantic comedy All About My Wife (2012), and the crime/black comedy A Hard Day (2014)

28 December 2023 CURRENT AFFAIRS | ALL EXAMS IMP. CURRENT AFFAIRS | ASHISH GAUTAM SIR

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FAQs

Who has recently received approval from the RBI for the part-time Chairman role at Kotak Mahindra Bank, with a tenure starting on January 1, 2024, for a duration of 2 years?

C S Rajan.