Tuesday October 23, 2018
Home India Idea of Islam...

Idea of Islamic Banking by RBI rejected by Modi Government, “Islamic Window” in Conventional Banks is now a Myth

Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam

0
//
803
Reserve Bank of India. VOA
Republish
Reprint

New Delhi, Dec 11, 2016: The idea of Islamic banking by RBI has been rejected by the Finance Ministry since the Central Government has already introduced several inclusive schemes for the benefit of the citizens. Schemes such as Jan Dhan Yojana and Suraksha Bima Yojana are some of those.

It was last month, in November when the Reserve Bank of India (RBI) proposed the introduction of “Islamic window” in the conventional banks for “gradual” start of Sharia-compliant or interest-free banking in the country.

NewsGram brings to you latest new stories in India.

Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam.

In the Lok Sabha, a statement was made by Minister of State for Finance Santosh Kumar Gangwar which suggested that the introduction of Islamic Banking in India will bring with it numerous legal hurdles.

It was the committee headed by Raghuram Rajan (who later became the RBI Governor) and in 2008, he submitted a report to the UPA Government that did not mention anything about the Sharia Banking but suggested a need of having an interest-free model in India.

Presently, the idea of Islamic Banking is rejected by an inter-departmental group set up by Reserve Bank of India (RBI).

– prepared by NewsGram Team

Click here for reuse options!
Copyright 2016 NewsGram

Next Story

Aadhaar Helpline Mystery: French Security Expert Tweets of doing a Full Disclosure Tomorrow about Code of the Google SetUP Wizard App

0
cryptocurrency. google
Google to charge $40 per device to Android makers. Wikimedia Commons

Google’s admission that it had in 2014 inadvertently coded the 112 distress number and the UIDAI helpline number into its setup wizard for Android devices triggered another controversy on Saturday as India’s telecom regulator had only recommended the use of 112 as an emergency number in April 2015.

After a large section of smartphone users in India saw a toll-free helpline number of UIDAI saved in their phone-books by default, Google issued a statement, saying its “internal review revealed that in 2014, the then UIDAI helpline number and the 112 distress helpline number were inadvertently coded into the SetUp wizard of the Android release given to OEMs for use in India and has remained there since”.

Aadhaar Helpline Number Mystery: French security expert tweets of doing a full disclosure tomorrow about Code of the Google SetUP Wizard App, Image: Wikimedia Commons.

However, the Telecom Regulatory Authority of India (TRAI) recommended only in April 2015 that the number 112 be adopted as the single emergency number for the country.

According to Google, “since the numbers get listed on a user’s contact list, these get  transferred accordingly to the contacts on any new device”.

Google was yet to comment on the new development.

Meanwhile, French security expert that goes by the name of Elliot Alderson and has been at the core of the entire Aadhaar controversy, tweeted on Saturday: “I just found something interesting. I will probably do full disclosure tomorrow”.

“I’m digging into the code of the @Google SetupWizard app and I found that”.

“As far as I can see this object is not used in the current code, so there is no implications. This is just a poor coding practice in term of security,” he further tweeted.

On Friday, both the Unique Identification Authority of India (UIDAI) as well as the telecom operators washed their hand of the issue.

While the telecom industry denied any role in the strange incident, the UIDAI said that he strange incident, the UIDAI said that some vested interests were trying to create “unwarranted confusion” in the public and clarified that it had not asked any manufacturer or telecom service provider to provide any such facility.

Twitter was abuzz with the new development after a huge uproar due to Telecom Regulatory Authority of India (TRAI) Chairman R.S. Sharma’s open Aadhaar challenge to critics and hackers.

Ethical hackers exposed at least 14 personal details of the TRAI Chairman, including mobile numbers, home address, date of birth, PAN number and voter ID among others. (IANS)

Also Read: Why India Is Still Nowhere Near Securing Its Citizens’ Data?