RBI report on asset quality

According to the report released by the Reserve Bank of India, asset quality concerns persist for banks as growth in the non performing loans in FY12 accelerated and continued to outpace the credit growth. The RBI’s financial stability report stated that the NPAs grew at 43.9 per cent as on March end, 2012 outpacing the credit growth of 16.3 per cent.

India, Korea to enhance civil nuke ties, satellite launch operations

India and South Korea decided to enhance civil nuclear energy cooperation as well as space activities including the launch of Korean satellites by India. The two sides also evaluated the progress and expansion of their Strategic Partnership during the second India-Republic of Korea Foreign Policy and Security Dialogue at New Delhi.

Union Government unveiled New Free Drug Policy

In a policy aimed at benefitting country’s 120 crore population, the Union Government of India on 4 July 2012 unveiled the 5.4 billion dollar free drug policy. Under the new policy, every citizen of the country will be provided free medicines in all public health centres spreaded across the country. As the Ministry of Health and Family Welfare kept branded drugs out of this policy, the patients will be given only generic drugs. The policy which will remain effective over the next five years will provide a much needed support to nearly 40 percent people of the country, which spends 1.25 dollar or less a day on health.

New Controller General of Accounts assumed charge

Jawahar Thakur, took over as the new Controller General of Accounts (CGA) of India, the post earlier held by C.R. Sundaramurti. Prior to his appointment as the CGA,  Thakur was the Principal Chief Controller of Accounts in the Central Board of Direct Taxes (CBDT) under the Department of Revenue in the Finance Ministry.