Islamic banking has been approved by RBI in India. This welcome development was expected after Dr. Raghuram Rajan took over as the governor of RBI, replacing D. Subbarao whose position on Islamic Banking was not favorable. Dr. Raghuram Rajan, a former Chief Economist of IMF(International Monetary Fund) and the Chief Economic Adviser to the Finance Ministry, was head of the high level Committee of the Financial Sector Reforms-CFSR of the Planning Commission, which recommended Islamic Banking to be approved in India. So, when on August 6, 2013 Dr. Manmohan Singh approved Dr. Raghuram's appointment as the governor of RBI, people like me got fresh hopes, and RBI finally gave a 'Go ahead' to it...............
Read - Greater Kashmir
Read - Greater Kashmir
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