It seems that the state may lock horns with the RBI over the status of the Sharia-compliant Cheraman Financial Services Limited (CFSL). Coming down heavily on the state government’s initiative in starting CFSL, BJP leader Subramanian Swamy said that the “RBI has not approved any Islamic/ Sharia institution anywhere in the country”. RBI, in a reply to an RTI application filed by Swamy, stated that the Central Bank has not given licence to any financial entity in Kerala to start an Islamic Bank............
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