Reserve Bank Governor, D Subbrao said that separate legislation should be enacted in order to commence Islamic Banking in India. Talking to media persons here today he said under the present banking laws, Islamic banking could not be permitted in India. "There should be separate legislation for the purpose. The Kerala government had proposed to permit Islamic banking as the inward remittance is the highest here. Reserve Bank is not against the idea, but we can work only under the present legal frame work of the country," he added......
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