Islamic Banking in India. Reserve Bank of India should look at the Islamic banking afresh in India. The Law Minister, Mr Salman Khurshid, said that he had written to the Planning Commission and the Reserve Bank of India (RBI) on the issue of Islamic banking.
He said he was quite hopeful that the RBI would look at the issue afresh and soon come up with its views after deciding on the technical issues. Mr Khurshid said it was difficult to fit in Islamic banking with the existing regulations, as the very concept of debt and equity was very different in Islamic banking.