......RBI Governor D. Subbarao, during his recent visit to the city to declare Ernakulam as a fully banked district, had responded to the issue, stating that the Banking Regulation Act did not permit Islamic banking in the country. He had also said that alternative modes were available for raising funds. While the RBI is understood to have retained its position so far, the KSIDC has chosen an alternative route to join hands with the Islamic fund managers.......
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