Finance Ministry Has cleared its stand over most controversial Proposal of ” ISLAMIC BANKING ” as irrelevant in achieving financial goals,
In a written reply to the Lok Sabha, Minister of State for Finance Santosh Kumar Gangwar also said
“various legal changes would become necessary if even limited products were to be introduced under Islamic banking”
This observation was made by an inter-departmental group set up by the Reserve Bank of India (RBI) on Islamic banking with the aim of promoting financial inclusion,
“accessing huge market potential to attract finance from Gulf countries for infrastructure development”.
Mr. Gangwar also stated that
” Govt. Has already introduced many Financial schemes for poors like Jan dhan yojna, Mudra Yojan, Beema Yojna hence Islamic Banking has no relevance In India”