Tag: Sharia banking

MUMBAI: Reserve Bank and the government are exploring introduction of interest-free banking, also known as Islamic Banking, to financially include sections of the society that remains excluded due to religious reasons. "Some sections of Indian society have remained financially excluded for religious reasons that preclude them from using banking products with an element of interest. "Towards mainstreaming these excluded sections, it is proposed to explore the modalities of introducing interest- free banking products in the country in consultation with the government," RBI said in its annual report for 2015-16. Islamic or Sharia...