28.03.2012 - Islamic banking not feasible in India
The government of India said it is not legally feasible for domestic banks to carry out interest- free Islamic banking activities. "RBI has informed that in the current statutory and regulatory framework, it is not legally feasible for banks in India to undertake Islamic banking activities in India or for branches of Indian banks abroad to undertake Islamic banking outside India," Minister of State for Finance Namo Narain Meena said. He said the Reserve Bank of India has received references from the Indian Centre for Islamic Finance for introducing interest-free banking in the country in order to ensure inclusive growth with innovation in accordance with recommendations of the Raghuram Rajan Committee...............................................Full Article: Source
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