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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Raghuram Rajan in Aam Admi Party shortlist for Rajya Sabha nomination Current Affairs 

Raghuram Rajan in Aam Admi Party shortlist for Rajya Sabha nomination

New Delhi: Former RBI governor Raghuram Rajan is likely to be nominated for the Rajya Sabha by Aam Aadmi Party (AAP). Party might not nominate its own leaders to the Upper House to set an example of non-political personalities sent to Parliament by a political party. Sources in the party said that four to five prominent personalities from various fields have been approached for the Rajya Sabha membership, Rajan is one of them. AAP with its brute majority of 66 in the Delhi Legislative Assembly, a victory looks certain. Rajan…

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