| Putting an end to the speculation on allowing Islamic banking in the country, the Reserve Bank of India (RBI) governor, D Subbarao on Tuesday said the current Banking Regulation Act does not permit Islamic banking and that the government will have to bring in a new law if it wants to introduce it in the country.
The governor was answering a question on Islamic banking in a press conference after announcing the second quarter review of the Monetary policy 2012 on Tuesday...............................................Full Article: Source
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