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Sharia banking will be introduced, but no deadlines decided yet: RBI
April 17, 2017
- Recently RBI had come up with the proposal of introducing Sharia banking in India, which would mean Interest-free banking. RBI has also said that this would be implemented gradually as Indian banking isn’t aware of this approach to banking.
- No deadline has been set for introducing the Sharia banking by the Reserve Bank of India yet. This was in response to an RTI application stating that no step has been taken by RBI in direction of Islamic banking, yet.
- An interdepartmental group has been set up to examine the legal, technical, and regulatory issues that might spring up with interest-free banking.
