RBI not to pursue Islamic banking proposal in India Current Affairs 

RBI not to pursue Islamic banking proposal in India

New Delhi: The Reserve Bank of India (RBI) has decided not to pursue a proposal to introduce Islamic banking in India. In response to an RTI query, the central bank said, “Taking into account the wider and equal opportunities available to all citizens to access banking and financial services, it has been decided not to pursue the proposal [to introduce Islamic banking] further”. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. In late 2008, a committee headed by…

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