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Separate law needed for Islamic banking in India: RBI

Posted on 21 May 2010

From Indiatimes.com: Islamic banking in India is not possible now with the current banking principles based on interest payment, but it can be done though a separate legislation, Reserve Bank of India Governor D Subbarao said here on Thursday.

“With the present set of Banking Regulation Act, Islamic banking just cannot take place because many of the banking principles in place are based on interest payments. However, Islamic banking is possible through a separate legislation,” Subbarao said……………………………………..Full Article: Source

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