India will not adopt Islamic Banking system says RBI
Islamic banking will not be introduced in India. The RBI decided not to pursue a proposal for Islamic banking in the country. The decision was taken after considering the wider and equal opportunities available to all citizens to access banking and financial services. This was revealed by the Reserve Bank of India in an RTI reply. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The issue of introduction of Islamic banking in India was examined by the RBI and the government of India, it said. The RBI was asked to provide details of steps being taken for the introduction of Islamic or 'interest-free' banking in India . Prime Minister Narendra Modi had on August 28, 2014 launched Jan Dhan Yojana, a national mission to bring about comprehensive financial inclusion of all the households in the country.