24th July 2021 Daily GK Update: Read Daily GK, Current Affairs for Bank Exam

• The joint secretary of the Finance Ministry, Rasmi Ranjan Das has been appointed to the UN tax committee as a member for the term period 2021 to 2025.
• Das is among the tax experts from around the world who has been appointed as a member of the UN tax committee. She is Joint Secretary – (FT&TR-I), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance.
• Formally known as the UN Committee of Experts on International Cooperation in Tax Matters, this committee helps the countries’ efforts to advance stronger and forward-looking tax policies which are adapted to suit the realities of a digitalised economy, globalised trade and investment and the ever-worsening environmental degradation.
• It assists countries in their efforts to prevent double or multiple taxations as well as non-taxation, broaden their tax base, strengthen their tax administrations, and curb international tax evasion and avoidance.

Banking News

3. RBI allows loans up to Rs 5 cr to other banks’ directors

• Reserve Bank of India (RBI) has overhauled rules for extending loans to directors of other banks and relatives of directors.
• As per the amendments, the central bank has allowed banks to extend personal loans up to ₹5 crores to directors of other banks and directors’ relatives other than spouses without board approval. The earlier limit for such loans was ₹25 lakh.
• The regulations apply to directors, including the Chairman/Managing Director, of other banks, any firm in which they are interested as a partner or guarantor, or any company in which they hold substantial interest or is interested as a director or as a guarantor.
• Personal loans refer to loans given to individuals and consist of consumer credit, education loans, loans given for the creation or enhancement of immovable assets like houses, and loans given for investment in financial assets, such as shares, debentures, etc.

Important takeaways for all competitive exams:

• RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Business News

4. Max Bupa Health Insurance rebrands itself as Niva Bupa

• The standalone health insurer Max Bupa Health Insurance has rebranded itself as ‘Niva Bupa Health Insurance.
• This development comes after the company’s promoter, Max India, which owned 51 per cent of the insurer sold its stake to True North in February 2019 for Rs 510 crore.
• With the entry of private equity firm True North, it was decided that the use of the “Max” brand will be phased out over a period of two years and replaced with a suitable name, to create a new brand identity. Niva Bupa targets to become a Rs 2,500 crore company by FY 2021-22.

Important takeaways for all competitive exams:

Defence News

5. Rajnath Singh flags-in Indian Army’s Skiing Expedition “ARMEX-21”

• Defence Minister Rajnath Singh has flagged in the Indian Army’s skiing expedition that was conducted in the Himalayan mountain ranges between March 10 and July 6.
• The expedition, called ARMEX-21, was flagged off at Karakoram Pass in Ladakh on March 10 and culminated at Malari in Uttarakhand on July 6 covering 1,660 km in 119 days.
• The ARMEX-21 was conducted in the mountain ranges of the Himalayan region to promote the adventure activity in the country and the Indian Army,”.
• During the expedition, the team travelled through several passes at a height of 5,000-6,500 meters and through glaciers, valleys and rivers.

Ranks and Reports News

6. India sees significant improvement in UNESCAP score

• India has scored 90.32 per cent in the 2021 UN Global Survey on Digital and Sustainable Trade Facilitation. India’s score was 78.49 per cent in 2019.
• The overall score of India is found to be greater than many OECD countries including France, UK, Canada, Norway, Finland.
• India is the best-performing country when compared to the South and South-West Asia region (63.12%) and the Asia Pacific region (65.85%). The overall score of India is even greater than the average score of the EU.