..Former governor of the RBI, D Subbarao earlier this year after chairing a board meeting here said that RBI cannot allow the Islamic banking as Indian law does not permit it. He said it is for the lawmakers to bring a legislation which can allow interest free banking Islamic banking. However, the financial analysts say that chances for introducing the Islamic banking has increased after the appointment of Raghuram Rajan as new governor of RBI as he is having more positive view towards Islamic banking. A financial institute in southern Indian state of Kerala has been allowed to do banking as per Islamic Sharai few months back...........
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