Islamic banking not possible: Subbarao

D. Subbarao, governer of RBI, explains that because of legal issues, Islamic banking will not be possible in Kerala. This is the only state in the country which has been striving for introduction of Islamic banking. RBI has already addressed Indian government on the matter pointing out the necessary amendments. Subbarao further suggests that the restriction on Islamic banking could have a work-around through other models instead of banking. These have been proposed to the government of Kerala.

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