C S Rajan Appointed as Chairman of Kotak Mahindra Bank

• On 27^th December 2023, Kotak Mahindra Bank announced that the Reserve Bank of India (RBI) has given its consent for the designation of C S Rajan, as its Part-time Chairman.
• He is presently acting as an Independent Director of the bank’s board.
• The commencement of this appointment is scheduled for 1st January 2024, and it is anticipated to continue for a duration of two years.

Ayodhya Railway Station to Be Renamed as Ayodhya Dham

• The Ayodhya railway station has been renamed Ayodhya Dham, ahead of the Ram Temple inauguration on 22nd January 2024. 
• The redeveloped Ayodhya railway station is a state-of-the-art facility having modern "airport-like" amenities, while its facade is inspired by traditional temple architecture.
• The Prime Minister will inaugurate the new building of the railway station on 30th December 2023.
• PM Modi will also hold a roadshow and address a public meeting after inaugurating an airport in the temple town of Ayodhya on 30th December 2023.

Pakistan Conducts Successful Flight Test of Fatah-II

• Pakistan has carried out a successful flight trial of the domestically produced guided multi-launch rocket system known as 'Fatah-II.'
• The army has affirmed that this system can effectively target objects with high precision within a range of 400 kilometres.
• The Inter-Services Public Relations (ISPR), the military's media wing, stated that the 'Fatah-II' is furnished with cutting-edge avionics, an advanced navigation system, and a distinctive flight trajectory.

RBI Calls for Stronger Bank Balance Sheets

• The Reserve Bank of India (RBI) emphasized the necessity for Indian banks and non-bank lenders to reinforce their balance sheets through enhanced governance and risk-management practices.
• In the fiscal year 2022-23, the consolidated balance sheet of scheduled commercial banks (excluding regional rural banks) experienced a growth of 12.2%, marking the highest rate in nine years.

India, Russia Sign Pacts on Future Units of Kudankulam Plant

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• India and Russia have inked significant agreements pertaining to the development of future power-generating units at the Kudankulam nuclear power plant.
• External Affairs Minister S. Jaishankar, on a five-day visit to Russia, revealed this outcome following his "comprehensive and productive" meeting with Deputy Prime Minister Denis Manturov.
• The meeting resulted to the signing of agreements focusing on nuclear power and extending into the realms of medicines, pharmaceutical substances, and medical devices.

6. Vijayakanth Passes Away at 71

• Vijaykanth, one of the popular actors and Desiya Murpokku Dravida Kazhagam (DMDK) party founder-leader passed away at the age of 71.
• He belonged to the state of Tamil Nadu and he was fondly known by the name ‘Captain’.

India to be World's Third-Largest Economy by 2032

• According to a report published by the Centre for Economics and Business Research (CEBR) on 27th December 2023, India is poised to secure the position of the world's third-largest economy by 2032.
• The report predicts that India will eventually surpass China and the United States, emerging as the "world's largest economic superpower" by the end of the century.
• CEBR anticipates that India will maintain robust economic growth, averaging 6.5 percent from 2024 to 2028, as mentioned in its 'World Economic League Table 2024' report.
• This sustained growth is expected to propel India to surpass Germany and become the fourth-largest economy by 2027, followed by overtaking Japan to claim the position of the third-largest economy by 2032.