.........Earlier, the Reserve Bank of India (RBI) had come out against the introduction of Islamic banking, saying that current legislation did not provide for a twin structure. RBI Governor D. Subbarao told reporters in November that "other options" may be considered to bring Muslims into the banking system. The bank has since rethought its position, according to Khan, the minority affairs minister. "There are a host of mechanisms available for channelising the savings of Muslims. Sharia-based banking is very scientific and the RBI has modified its earlier stand," he told...........
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