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Home News News and Press Release Month 3 2012 2012 (3) This

Introduction on Interst Free Banking

27-3-2012
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Press Information Bureau

Government of India

Ministry of Finance

27-March-2012 18:29 IST

The Reserve Bank of India (RBI) has received references from the India Centre for Islamic Finance for introducing interest-free banking in the country in order to ensure inclusive growth with innovation in accordance with recommendations of the Raghuram Rajan Committee.

RBI has informed that in the current statutory and regulatory framework, it is not legally feasible for banks in India to undertake Islamic banking activities in India or for branches of Indian banks abroad to undertake Islamic banking outside India.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Rajya Sabha today.

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