Banking has truly become 24x7 locally and globally: RBI

Speech delivered by G Gopalakrishna, Executive Director, Reserve Bank of India at “Axis Champions Awards” on October 1, 2013 at Mumbai

......since technology speeds up ease of access of customers to service providers, enables easier communication and possibly also speeds up operations. However, there is an interesting and contrasting evidence that I choose to draw from one of the examples adduced by Shri G Padmanabhan, Executive Director in the Reserve Bank of India, who made a telling comment on the number of mobile banking accounts that had been opened in India. While the number seemed staggering and really impressive, a comparison with the number of bank accounts opened in India revealed that the former was but a relatively insignificant proportion of the latter........

Read........

Urgent need for RBI to focus on quality and impact of financial inclusion efforts

........When we say (or imply) that financial inclusion would lead to inclusive growth and therefore, the RBI must enhance its thrust on financial inclusion, I would like to transparently understand from Dr Rajan and the RBI as to what is the relationship between financial inclusion and inclusive growth? Put differently, I am yet to understand ‘how access to a savings account or credit bureau or even a loan or some form insurance would facilitate inclusive growth’? ...........

Read - Moneylife

Banks not inclusive enough

.........Are commercial banking (as it is currently practiced in India) and attainment of financial inclusion mutually exclusive? It would appear so if the Reserve Bank of India’s parallel (and somewhat expeditious) movement on two separate tracks — one on the issue of new bank licences in the private sector and another on the development of a policy/institutional framework for attaining financial inclusion/financial deepening in India — is any indication...........

Read - HBL

Young f(A)ces..............

My View on "RBI Board May Get Young Faces": 

The RBI Board will go places,

If around the table it has a sprinkling of young faces,

For they have up their sleeves many aces,

And are also the one's who can bend & tighten their shoe laces,

The older faces,

Seem tied to their seats with braces. 

- F R Misquith

Gandhi Jayanti thoughts: Time for Ambedkar-series currency notes?

.....Imprinting Ambedkar’s image on currency notes also has a symbolic significance. Ambedkar, as of now, is identified mostly as a Dalit hero. No doubt, he is. But Ambedkar was a multifaceted personality. His career as an economist is yet to be recognised and studied. One reason for this could be that the political developments after Ambedkar’s return to India did not allow him devote much time to economics. He was preoccupied with the Dalit empowerment and fighting the caste pernicious caste system. Printing his image on currency notes will go a long way in bringing his contributions to economics back into the reckoning. It will give Ambedkar the position he deserves in the economic history of India............

Read..............

Banking Mints the Most Women CEOs in India

....“Women tend to be more conservative, more structured, more careful about money, good leaders and better team players,” she says. Adds Arun Duggal, chairman of Shriram Capital and a veteran international banker: “Banking requires sound instinct and intellectual capability to analyse businesses. I feel women are better at it than men.”........

Read - ET

India’s Inflation Puzzle

.........In its latest monetary policy announcement, the RBI has surprised markets by increasing the repo rate on concerns over inflation. Many experts and business groups have criticised the RBI as they assert that inflation is related to supply-side factors — especially in the food sector — and, therefore, tighter monetary policy will have little effect on it. Tighter monetary policy will only hurt growth without helping control inflation. A complicating factor peculiar to India is the multiplicity of inflation rates........... 

Read - ET

Classification criteria revised for urban co-op banks

The Reserve Bank of India has revised the criteria for classification of urban co-operative banks (UCBs) as Financially Sound and Well Managed. Among others, the new criteria, which require maintenance of a minimum capital to risk weighted assets ratio (CRAR) of 10 per cent on a continuous basis, would henceforth be considered for processing applications received from UCBs for branch authorisation.........

Read | HBL

Biz houses and banks — misplaced worries

Given the sharply divergent views on the issue of permitting industrial and business houses to promote banks, the concerns raised by most of those opposed to the entry of industrial houses in the banking space appear to be misplaced on several counts. This includes the issues raised by Parliamentary Standing Committee on Finance.........

Read - IE

RBI, NABARD decision draws flak

Criticising the decision of the Reserve Bank of India and the National Bank for Agriculture and Rural Development to convert primary agricultural cooperative societies into business correspondents of district-level central cooperative banks, the Tamil Nadu Cooperative Bank Employees’ Association has appealed to Chief Minister Jayalalithaa to intervene in the matter.........

Read - The Hindu

Reject Raghuram Rajan panel report : Chandy

......Expressing his reservations, he said, if the Raghuram Rajan committee report was accepted this would be reduced to just 0.38 per cent.  If the Center allocates Rs 1,000 crore to states, Kerala’s share would be just Rs 3.8 crore only. This will hit Kerala’s initiatives on the development front, he added................

Read | Business Standard

14th Finance Commission to visit state from today

A delegation of the 14th Finance Commission (FFC) will arrive Nagaland Friday on a two-day meeting for making recommendations regarding fund requirements of the state for the period 2015- 2020 effective from April 1, 2015. According to a finance department communiqué, the commission members would review state’s finances, deficit and debt levels  keeping in view,  the fiscal consolidation road map recommended by the 13th Finance Commission.  Dr. Yaga Venugopal Reddy is the chairman of the FFC and also a former governor, Reserve Bank of India and was board member of International Monetary Fund (IMF). Dr. Reddy was appointed as the chairman of the commission on January 2, 2013.........

Read : Nagaland Post

RBI chief Raghuram Rajan meets Finance Minister P Chidambaram; discusses economic situation

....The Central Board of Reserve Bank will meet in Raipur tomorrow to discuss key economic and financial developments. The RBI board meets at least once every quarter. The meeting would be chaired by Rajan. The four deputy governors are the official directors on the board, while Mayaram and Financial Services Secretary Rajiv Takru are the government nominees. There are also 11 non-official directors on RBI board. .....

Read - ET

India to enhance capital infusion into PSU banks

The government Thursday decided to substantially enhance capital infusion into public sector banks to enable them provide cheap loans for two-wheelers and consumer durables to stimulate demand. The decision was taken at a meeting of the top economic policymakers that included Finance Minister P. Chidambaram, Reserve Bank of India Governor Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram............

Read | Business Standard

Taking interest in transparency

..........The RBI guidelines are welcome and, in many cases especially relating to credit card usage, overdue. Transparency in lending is a welcome trait and the authorities should encourage banks to move towards complete disclosure. The directive could, however, deal a deadly blow to consumer durable sales, which generally peak during the festival season, just round the corner. Yet, from an overall perspective, consumer protection is probably more important than a short-term dip in sales of consumer durables,.........

Read - The Hindu

FM, Rajan get behind the wheel to drive festive sales

..........The decision was taken in principle at a meeting between Finance Minister P Chidambaram and RBI Governor Raghuram Rajan. Economic Affairs Secretary Arvind Mayaram was also present. Pawan Goenka of Mahindra & Mahindra met Revenue Secretary Sumit Bose to push for lower tax on sports utility vehicles and lower interest rates on auto loans. Chidambaram will soon meet heads of public sector banks to impress upon them the need to lower interest rates in select sectors........

Read | Business Standard

RBI's welcome departure from convention

...... If this was not a welcome surprise for those waiting for the RBI to prioritise growth, here comes another surprise that definitely would be welcomed with both hands.......

Read - ET

The curious case of the Indian stock market

...........Much to government’s relief, there has been a 77% drop in gold imports in value terms and 28% in volume terms during the quarter ended September 2013 on the back of several initiatives taken by the Reserve Bank of India (RBI). On the other hand, the fiscal situation is nothing to cheer about. The first five months alone have seen the government reach 74.6% of the fiscal deficit target for the entire year’s Budget Estimate (BE)..............

Read | Business Standard

Shashank Manohar brings BCCI war out in the open, blames Srinivasan for flouting RBI norms

.........Surprisingly, past president Shashank Manohar is blaming N. Srinivasan for flouting RBI norms. In an interview given to leading newspaper, Manohar said, "Despite a working committee decision, Srinivasan did not take the RBI's permission and entered into an agreement with CSA whereby they transferred money directly to CSA."..........

Read - India Today

Can markets ride out Red October? All eyes on America, Raghuram

......Given that RBI chief Raghuram Rajan has already cleared his stance on inflation, analysts and economists expect further tightening from the central bank. Economists are now split over whether the new RBI chief will hike rates again at the central bank's next policy review on October 29. "Nearly half of economists surveyed, 16 of 31, expect Rajan to leave rates on hold at the meeting, while 15 expect a further 25 basis point (bps) increase, which would bring the policy rate to 7.75 per cent," said a Reuters Poll..........

Read - ET

Gold: villain or saviour?

.........The RBI study, therefore, sensibly advises increased monetisation of gold — to make unaccounted gold generate accounted money. It suggests setting up a bullion corporation for lending against and refinancing gold, and pool and trade in gold stocks. The study commends encouraging gold loans by banks and non-banking institutions. This is what traditional pawnbrokers have been doing for ages. The State began curbing, instead of registering and disciplining, private moneylenders. The hope that banks would replace them has been belied.........

Read - HBL

Banks see rise in stress in gold loan portfolio on volatile prices

......."There were serious issues with LTV ratio in the first quarter when gold prices fell. The LTV ratio for many banks went beyond 90%. The current situation is not as bad as prices have recovered in the past few months. But there is no guarantee that prices will continue to remain firm. We are monitoring our portfolio on a regular basis,"........

Read | Business Standard

Loan recast hits roadblock as promoters fail to contribute

.......After companies and banks started taking undue advantage of the debt restructuring process, the Reserve Bank of India (RBI) made the norms concerned stringent by prescribing high contribution from promoters. As on June 30, 549 cases had been referred to the corporate debt restructuring cell. Of these, 92, worth about Rs 40,000 crore, were closed or rejected, against 87 cases worth Rs 37,000 crore in March. The data for September are still been finalised; bankers expect the numbers to rise............

Read | Business Standard

Password hacked, 1.27L stolen from bizman’s a/c

Pune: In the fifth net banking fraud case in less than a month, a businessman’s password was hacked and Rs 1.27 lakh siphoned off from his account. The businessman lodged a police complaint on Wednesday night, almost a fortnight after he lost the money, on the insistence of the bank............

 Read - TOI

HDFC bank to double its branches in Chhattisgarh

.........The HDFC Bank sees Chhattisgarh as a potential state. “The state is a key market for the bank as it is shinning state as far as the development and growth are concerned,” Kumar said, adding that the bank is growing at 30 to 40% on year-on-year basis that would continue........

Read | Business Standard

FIR against HDFC Bank, others for cheating retired bureaucrat

Delhi Police has informed a court here that, as per its orders, an FIR has been lodged against HDFC Bank along with unknown persons for allegedly cheating a retired bureaucrat of over Rs 13.6 lakh by making withdrawals from his bank account and also forging his wife's signatures............

Read - FE

RBI Board May Get Young Faces

...........While it’s the prerogative of the government to make appointments , the practice in general is that the finance ministry takes the views of the RBI Governor into consideration to ensure smooth functioning. Besides, in the spirit of the newfound detente between the finance ministry and RBI, Rajan’s word on any nominee will carry extra weight with finance minister P Chidambaram. Ties between the two sides had become frosty during the latter part of former governor D Subbarao’s term...........

 Read - ET

Appointments and disappointments: Towards accountable selection for top public positions

...........Now that the immediate news value of Rajan’s appointment and Rao’s rather peevish exit are behind us, it is time to deconstruct the events and examine if there are any policy lessons for the appointment making process. In making top appointments, we examine the recent quarrel, the past record, and future prospects for establishing a clearer process, especially for posts expected to impact public good. Specifically, the three questions explored here are:...........

Read........

RBI governor to give tips on Indian economy at IIM-Raipur

RAIPUR: Reserve Bank of India Governor Dr Raghuram Govinda Rajan, will address students of Indian Institute of Management, Raipur, (IIM-Raipur) on October 4, on the institute premises. He will talk about 'Indian Economy: The Road Ahead'........

Read - TOI

Transformation of DFIs into commercial banks – the case of the IDBI and the role of employee unions

Special address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at a Seminar on "IDBI's role as Development Financial Institution" organised by the United Forum of IDBI Officers & Employees, Kolkata, 27 September 2013

........ Let me now return to the problems faced by the DFIs in India. The DFI concept in the Indian context suffered from some inherent structural infirmities. As the DFIs were set up as public sector enterprises, the market perceived the borrowings made by them as having implicit government guarantee. This induced a sense of profligacy in the behaviour of the DFIs while borrowing. Further, in the absence of a competitive environment for project lending, the entities became quite complacent and disregarded the viability of the projects financed, while pricing. The crossholding of shares amongst the DFIs also led to a contagion effect in creating NPAs...............

Read......

Payment systems in India – reflecting on some recent trends and future challenges - H.R.Khan

Inaugural address by Mr H R Khan, Deputy Governor of the Reserve Bank of India, at the 

International Seminar on “Adoption of ISO 20O22 in RTGS”, held at the College of 

Agricultural Banking, Pune, 30 September 2013

..... Reserve Bank remains committed towards providing a safe, efficient, accessible, inclusive, interoperable and authorised payment and settlement systems for the country. Today, our payment systems are driven by demands of convenience and ease of use & access. This necessitates convergence of e-payment products by leveraging on innovation, capabilities and integration of various systems through unified solution architecture and technology. Payment System Vision Document 2012–15 of the Reserve Bank of India articulates the orientation of overall regulatory policy stance towards promoting a less cash/less paper society, the “green” initiative which is also echoed by the Reserve Bank’s IT Vision document 2011–17..........

Read..........

VITALINFO - Keep the flag flying high! - S Ganesh Kumar, Chief General Manager, DGBA

My View on VITALINFO made it possible - Prakash Bakshi, Chairman, Nabard

Well earned and well deserved encomia and kudos ! Wish you and VITALINFO God speed !!

– V.K.Sharma, Former Executive Director

Congrats for getting appreciation from Chairman NABARD. Wish you all the best to continue the VITALINFO with same zeal.

-  R R Kulkarni, Ex-General Manager, NABARD

Very happy to read the appreciating words to VITALINFO from Chairman NABARD. Congratulations and best wishes !

- Rajappan Nair, Kochi

Sabhi ne apki itani tariff ki hai ki ab hamare pas shabda hi nahi bache. You are  unanimously unique person to be appreciated for this  work.  We are fortunate and happy that we know you closely.

- S S Hendre, Assistant Manager, Pune

This is great !!

-  Gunjeet Kaur, Director, DEPR

Pl keep going!!!!

– Meena Hemchandra, Principal, CAB

Dear Mangesh,

Kudos from my side too on the fine work being done by you. I am sure that you will continue to keep the flag flying high! Best regards.

- S Ganesh Kumar, Chief General Manager, DGBA

Very interesting and condensed presentation Very useful for quick updation. Keep it up.

-  K.Ramasubramanian

Dear Mangesh, you are doing wonderful service to your readers. We are all benefitted by the knowledge shared by you.  As Chairman, NABARD has rightly appreciated, now a days, we rely more on your articles for the latest happening in the economic world and more particularly in RBI. You are doing wonderful service to your readers.

– B.Govindan

Taramble Sahab, Keep up the good work.

– Yashpal, P & SO

Thank you very much for including my name for VITALINFO on Mr Tarapore’s reference. I am really enjoying reading it and it does keeps us connected with RBI too.

- Sarojini Venkatachalam

Dear Mangesh Tarambale,

Kindly include our retired CGM, DCM,  Shri Muralidharan in your mailing list. With warm regards

- A. Sreekumaran 

What better way to start one's day,

VITALINFO from dear Mangesh,

comes our way like a

delectable platter of sandesh!

- Frank R.Misquith

7th Pay Commission Constituted - What should UFBU Do Now?

.......Now question arises who is to be blamed for the delay in submission of Charter of Demands.  Can we blame GoI or IBA for this lapse.  Now GoI has announced constitution of 7th PC more than two years from the due date. This means during this time, the Commission will go through the full process of consultations, and all employees organizations will get sufficient time to put up their demands and revise them after internal and external discussions. Who stopped UFBU to start the process of completion of Charter of Demands at  least one year from the due date?............

Read.......

MASSIVE INCREASE OF 50 SLABS IN DA LIKELY

......There has been high increase in CPI in the month of July 2013 followed by  increase in August 2013. The inflation trends of recent times indicate that in September 2013 too the inflation figures will be high. Assuming that there will be increase again of similar nature, the revised DA is likely to be around 96.45%, (increase of massive 50 slabs) for the months of November 2013 to January, 2014  (i.e. increase of  50 slabs). [The present DA is  88.95% for the months of  August, September and October, 2013].  The PROJECTED DA is as follows:........

Read........

City cries: Change we need

......RBI’s annual report released a couple of weeks ago acknowledges the problem. “There has been a spate of complaints about non-availability or short supply of coins in recent times,” it said. The Government had also asked the RBI to take appropriate action with regard to adequate distribution of coins. Now it is also examining the recommendations of a high-level panel headed by deputy Governor KC Chakrabarty on the measures to be taken to increase the supply of coins. The matter is being discussed with the Security Printing and Minting Corporation of India Ltd...............

Read - Postnoon - Hyderabad’s 1st Afternoon ‘Compact’ English Daily

Finance Ministry should do it........

My View on  "An appeal to the Hon'ble Members of the Central Bo...": 

The relevant provisions for notification came into being much later than RBI (Staff) Regulations, 1948 and if the Regulations were to be notified it should have been done simultaneously with introduction of the provision in the statute (if this position is wrong, someone who has information may please enlighten). By discussing this issue at this stage, some officials who plead ignorance about past and depend on hearsay are diverting attention from more important issues. If at all the Regulations are to be notified, it is for Finance Ministry to do it in consultation with RBI and the notification should be of the Regulations as they stand today (i.e.without fresh amendments or additions to accommodate afterthoughts). 

- M.G.Warrier

Here’s how banks can goof up with your education loan

....... “Depriving a customer of loan against bank’s own administrative instructions was deficiency in service and accordingly the bank was directed to disburse the loan immediately to the complainant without insisting on margin money. The bank was also directed to pay Rs 10,000 to compensate the complainant towards expenses incurred for arranging loan from the alternate source and also for pursuing the case with the bank and OBO,” the RBI document said.......

Read..........

Challenge for corporates

The RBI’s stringent and binding guidelines for granting new licences will surely go a long way in addressing the apprehensions and reservations voiced by the lawmakers. It should serve as an eye opener to our MPs who are opposing the grant of new bank licences to industrial houses. The country certainly needs more banks and more players with substantial resources. Let us not forget that a good number of corporates in the country run their ventures with commendable business acumen and unimpeachable integrity. The entry of some of them into the banking sector will bring about a paradigm shift and usher in some welcome moves. The resultant competition will also invigorate the existing players to rise up to the challenge. All in all, bank customers stand to gain. Let them get their due. 

- C. G. Kuriakose, Kothamangalam, Kerala HBL

Rural Banking

This refers to the editorial “Bank on facts” (Business Line, October 1). It is obvious that the present strength of banking financial institutions is insufficient to expand banking services to the masses. Also, it is learnt that the Government — with its limited resources — finds it hard to reach out and cater to the masses; that aptly gives room for the private firms to fill the vacuum. There is no harm in industrial houses applying for bank licences and the same being granting to them, provided there are a host of stringent conditions to be followed by the licence-holders. In the absence of organised financial institutions in rural areas to cater to the financial needs of the people, they (people) are forced to rely on the local unorganised entities/ individuals/landlords; they usually ask for properties in lieu of the money they lend and charge a higher rate of interest. This is because of the low penetration of the banking institutions in rural areas. The standard of living can be improved by letting the private firms start the banking operations in rural areas. To address these concerns, the RBI should perform the role of a ‘watchdog’ . 

- S. Lakshminarayanan, Cuddalore HBL

4 PSU bank GMs elevated as Executive Directors

The Centre has elevated four General Managers in various public sector banks to the post of executive directors.............

Read - HBL

आईएएस स्नेहलता श्रीवास्तव को नाबार्ड सीएमडी का अतिरिक्त चार्ज

मध्य प्रदेश काडर की वरिष्ठ आईएएस अधिकारी स्नेहलता श्रीवास्तव को सरकार ने एक आदेश जारी कर राष्ट्रीय कृषि और ग्रामीण विकास बैंक (नाबार्ड) के सीएमडी पद का अतिरिक्त कार्यभार सौंप दिया है। इस पद पर अब तक प्रकाश बक्शी सेवाएं दे रहे थे, जो सोमवार को सेवानिवृत्त हो गए हैं।..........

Read........

NABARD now offers loans to corporate sector

..... G.R. Chintala, Chief General Manager (CGM), Regional Office, Bangalore, said it was for the first time that NABARD would be financing storage infrastructure projects of private companies and private entrepreneurs. The lending rate of interest is 9 to 10 per cent to private firms and 8 per cent to State-owned boards and corporations with government guarantee.........

Read - The Hindu

Now, whistle blowing mechanism for public deposit taking companies

.....However, individuals coming up with frivolous complaints through this mechanism would be liable to face action, including reprimand. The whistle blowing mechanism, popular in many developed nations, would provide an opportunity for employees to report any misdoings within their company........

Read - FE

Forward-looking plans

.........The competition to be backward should end. Instead, the competition to be forward has to take over. Fund allocation could be based on projects and their implementation. Though the panel report came when Raghuram Rajan was an economic advisor to Government, will he reconsider and revise it as Reserve Bank Of India Governor?

Read | Business Standard

Raghuram Rajan panel report 'thinly disguised attempt' to help potential ally, Jayalalithaa tells PM

CHENNAI: Rejecting the Raghuram Rajan Committee report for "skewed" allocation formula, Tamil Nadu chief minister JJayalalithaa has said it was a "thinly disguised attempt to provide an intellectual justification to deliver resources to a potential political ally." .........

Read - TOI

RBI needs $50-100 bn for bullet-proof balance sheet: BofA-ML

....It added the recent measures like the concessional swap facility for fresh NRI dollar deposits will not be enough to recoup the reserves, which have gone down to $277 billion from a peak of over $324 billion. However, contrary to fears of a depreciation in the local currency if the RBI starts buying, the report said RBI’s entry into the market will boost the confidence of investors and actually lead to an appreciation of the rupee..............

Read......

From ‘taper’ to ‘shutdown’

.......The lesson is simple: we must keep our own house in order. The global economic environment will continue to be uncertain, irrespective of whether or not there is a Fed tapering or a federal default. The countries most vulnerable to capital outflows in such situations are the ones with macroeconomic imbalances on their external and fiscal fronts. While the Government and the Reserve Bank of India have taken some steps in bringing down the current account deficit to more manageable levels, these clearly aren’t enough........

Read - HBL

Dipping value of bonds may hurt private banks

MUMBAI: Private banks, which have weathered the economic slowdown in the past few quarters, may also face earnings pressure in the September quarter as a slump in bond prices dents profits. The surge in yields during the quarter after the Reserve Bank of India raised shortterm interest rates to defend the currency, may hit some lenders such as.........

Read - ET

Vat's up

The going has not been good for property developers across the country for some time now. While the continued economic gloom and the high interest rate regime has been impacting their cash flows, restrictions brought in by the Reserve Bank of India (RBI), from time to time, are also crippling their borrowing ability. They have been hit both ways — neither can they sell their existing built-up stocks, nor can they launch new projects to kindle interest in the market................

Read........

Aadhaar: The number that makes a nation ‘Niradhaar’

Is UIDAI’s Aadhaar, the same thing that it claims to be? Here is a simple analysis of the UID project from Dr Anupam Saraph, who designed and implemented identity schemes for government and private organisations......

Read - Moneylife

'Hiring in banking sector likely to go up by 30% this year'

......The Reserve Bank of India has announced giving licences to new banks to operate by the end of FY 2013-14, PSU Banks adding more than 8,000 branches in current fiscal and private sector banks, rural banks and foreign banks expanding their own branch network are factors that will huge job opportunity in the sector, he said. To cope up with this kind of hiring and to include every geographies of the country in the process, the number of examination centres this year will increase to 210 from 45 last year, he said...........

Read.......

UB-Diageo deal helped J&K Bank recover 90% of Kingfisher loan

Big banks such as State Bank of India are still struggling to recover their loan from the grounded Kingfisher Airlines, but one small bank has made a smart move and got back most of its loan. The J&K Bank took advantage of the United Breweries-Diageo deal and has managed to recover Rs 90 crore out of the Rs 100-crore loan exposure to the airline........

Read - HBL

Sharia-compliant Kerala firm may be violating rules

The Kerala government-promoted NBFI Cheraman Financial Services (CFSL) appears to be functioning in violation of RBI directives, which prohibit it from claiming to be a Sharia-compliant fund. The website of the NBFI mentions that the company operates in a Sharia-compliant manner and intends to become a one-stop shop for all financial products based on the Sharia concept. The RBI has strictly prohibited use of terms like interest-free finance, participatory finance, profit-sharing and Islamic banking, either explicitly or implied.........

Read - FE