India yet to set deadline for Islamic banking

Posted by BankInfo on Mon, Apr 10 2017 10:58 am

Indian central bank has yet to set any deadline for allowing Islamic banking in the country, according to a news agency.

Reserve Bank of India (RBI), in response to a query asked under the Right To Information (RTI) act, also said that it had not taken any step to introduce Islamic window in the banks.
Earlier, RBI said that conventional banks might open such window as a part of the gradual introduction of Sharia-compliant interest-free banking or the Islamic banking in India.
An Inter-Departmental Group (IDG) in RBI has already examined the legal, technical and regulatory issues for introducing such interest-free banking.
The report has already been submitted to the central government.
It was in late 2008, a committee on Financial Sector Reforms, headed by former RBI governor Raghuram Rajan, had suggested looking at the issue of interest-free banking in the country.

news:financial express/9-apr-2017
Posted in Banking, News

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