Mumbai – Reserve Bank of India (RBI) has sent a reply to letter written by Hindu Janajagruti Samiti (HJS) to find out if the Union Government had any plans to start Islamic banking in this country. HJS had written a letter to Union Finance Minister, demanding action against officers of Reserve Bank for presenting a fanatic proposal on 22nd December 2016 related to Islamic banking. RBI General Manager S. M. Parida sent a reply to HJS letter in which he has stated, “I am giving information available with the Reserve Bank.”
It is stated in the letter sent by Reserve Bank that …
1. RBI has not granted permission to any bank for starting Islamic banking, Shariat banking.
2. RBI had submitted a report to the Government as directed by Indian Government, Finance Ministry to examine all points related to legal, technical and exchange issues in connection with starting Islamic banking in India. The Government has taken a decision that under prevailing conditions, it was not required to undertake a new venture for Islamic banking; because in banking and finance Sectors, all citizens are extended widespread and equal opportunities.
