Daily Current Affairs and GK | 19 and 20 January 2025

Topic: Banking System

1. RBI has given permission to NRIs to open rupee accounts in authorized banks abroad.

• In the latest step towards internationalization of the rupee, the Reserve Bank of India (RBI) has allowed overseas branches of banks to open rupee accounts for people living outside India.
• Individuals’ resident outside India will be able to settle transactions with other individuals’ resident outside the country by using the balances in their repatriable rupee accounts, such as Special Non-Resident Rupee Account and Special Rupee Vostro Account (SRVA), the RBI said.
• SRVAs require prior approval of RBI before opening, unlike rupee Vostro accounts.
• Under these new types of accounts, settlement through rupees is an additional arrangement to the existing system, which uses freely convertible currencies and will work as a complementary system, reducing dependence on hard (freely convertible) currency.
• In July 2022, SRVA was introduced, and since then several foreign banks have opened such accounts with banks in India.
• An MoU signed by the RBI with the central banks of the United Arab Emirates, Indonesia, and Maldives to encourage cross-border transactions in local currencies.

Topic: National News

2. 1^st Foundation Day of the Lokpal of India celebrated on 16^th January.

• For the first time, the Foundation Day celebration of the Lokpal of India was held on 16th January at Manekshaw Centre, New Delhi.
• On this day, 16 January 2014, the Lokpal of India was established with the implementation of Section 3 of the Lokpal and Lokayuktas Act, 2013.
• The Chief Guest of the function was the Chief Justice of India, Shri Justice Sanjiv Khanna.
• Justice N. Santosh Hegde, Padma Bhushan Anna Hazare, Attorney General R. Venkataramani, Supreme Court and High Court Judges, Lokayukta, Lokpal members, representatives of Bar Council and Delhi Judiciary and others attended the event.
• Officers from various organizations like CAG, CBI, CVC and CVOs of Public Sector Undertakings were also present on the occasion.
• Justice A.M. Khanwilkar is the current Chairperson of the Lokpal of India.

(Source: PIB)

Topic: Space and IT

3. ISRO conducted CROPS experiment to study plant growth in space.

• A batch of cowpea seeds has been successfully sprouted in space as part of the Compact Research Module for Orbital Plant Studies (CROPS) experiment.
• The Compact Research Module for Orbital Plant Studies experiment was sent through PSLV-C60 POEM-4.
• Under the CROPS experiment cowpea seeds sprouted in 4 days.
• The CROPS payload has been developed by the Vikram Sarabhai Space Centre (VSSC).
• It has been designed to develop and evolve ISRO’s capabilities for growing and sustaining flora in extra-terrestrial environments.
• ISRO also successfully operated India’s first space robotic arm.
• The Relocatable Robotic Manipulator-Technology Demonstrator (RRM-TD) is India’s first space robotic manipulator with walking capability.
• It has been developed by IISU and is a 7 Degree of Freedom (DoF) robotic arm.

Topic: Indian Economy

4. India’s electronics exports rose 35.11 per cent to USD 3.58 billion.

• In December 2024, India's electronics exports rose to 35.11 per cent to USD 3.58 billion.
• In December 2024, electronic goods exports reached their highest.
• In October and November, electronic goods exports were USD 3.43 billion and USD 3.47 billion, respectively.
• Engineering exports have increased 8.35 per cent and reached USD 84 billion.