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India: RBI will not oppose, if govt allows Islamic Banking

Posted on 10 May 2013

Governor Reserve Bank of India (RBI), Dr D. Subbarao today said RBI will not create any huddle, if Government of India allows Islamic Banking in the country. Addressing a press conference here, after the conclusion of Central Board of Directors (CBD) meeting, the RBI Governor said that different Banks operating in the state will increase their Credit Deposit Ratio (CDR) from existing 36.5 percent to 40 percent so that more loans would be given to the people who require it.
“Let me clear to you. It is not RBI, which is standing in the way of starting of Islamic Banking in the country. It is the government which has to determine, whether to allow the Islamic Banking or not,” he said…………………………………….Full Article: Source

 
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