NO TO ISLAMIC BANKING IN INDIA: RBI





In a Major move, the Reserve bank of India (RBI) has decided not to pursue a proposal for introduction of Islamic banking in the country. The central bank said the decision was taken after considering “the wider and equal opportunities” available to all citizens to access banking and financial services. Taking into account, the wider and equal opportunities available to all citizens to access banking and financial services, it has been decided not to pursue the proposal further. The Idea for Islamic Banking was mooted by a committee on financial sector reforms, which was headed by former RBI governor Raghuram Rajan, in 2008. It has stressed on the need for a closer look at the issue of interest free banking in the country.
                                                     It is also our understanding that interest free banking for financial inclusion will require a proper process of the product being certified as sharia complaint will be required both on the asset and liability side and the funds received under the interest free banking could not be mingled with other fund and therefore.

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