In a report released last December by the committee on the medium-term path for financial inclusion, the Reserve Bank of India (RBI) broached the concept of "Islamic banking", which refers to the provision of interest-free products to achieve the targets of wider financial inclusion. The report of the RBI committee, headed by Deepak Mohanty, strongly recommends that commercial banks in India be enabled to open specialised interest-free windows. Hopefully, such a move will not be criticised as preferential treatment or economic appeasement.
Shafeeq Rahman, Ph.D is a New Delhi based researcher. His data driven researched articles relating to representation of Indian Muslim, inclusive development and other socio-economic aspects are frequently published.
SIGN UP FOR HER STORIES NEWSLETTER
Get the best stories of women challenging the status quo around the world in your inbox each week. Newsletters may offer personalized content or advertisements. Learn more