| From Commodityonline.com: The internal working group of Reserve Bank of India (RBI), led by Anand Sinha, was supposed to examine the feasibility of Islamic banking business in India; they concluded that Islamic Banking in India is not possible unless we amend the Banking Regulation Act. This in my view is not imperative.
Had there been any objective of finding possibility to erode the hurdles for financial inclusion of any community who hate involvement in interest based transactions, one could have well concluded that ‘though Islamic banking needs amendments, under prevailing acts in India, interest free banking is quite possible’..............................................Full Article: Source
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