Regional Director of Reserve Bank of India (RBI) J.B. Bhoria on
Saturday said that the India’s central bank had no problem with
the Islamic banking system and if demands were being made by the
Muslims it should be seriously looked into.
“The Reserve Bank of India is not averse to the Islamic banking or
interest-free banking system. If by introducing the system in
India, the Muslim community which constitute such a large
population in the country is benefited, there is no reason why the
system is not introduced in the country”, Bhoria said while
addressing the entrepreneurs and bankers who turned in a large
number to listen to the first ever high ranking RBI officer
He said that the system was new and still emerging, and it would
take a while for India to adopt it. “Efforts are definitely on at
the highest level to look into the feasibility of the Islamic
banking system in India. In the coming days you may see it
actually introduced on ground”, he said.
He however urged the Muslim community not to wait for the Islamic
banking system to be introduced in the country and advised them to
take advantage of the existing banking system. “The time is
running fast and you should not wait. We have an existing system
and there is not much difference between the two”, he said.
Bhoria was responding to problems faced by the Muslim weavers of
Malegaon who are reluctant to involve in the interest based
system. He was in the city to address a ‘Town Hall Program’
organised to unveil the RBI’s Financial Inclusion Movement.
Bhoria however was upset with the fact that Malegaon which has
more than 75% Muslim population did not have sufficient number of
ATM kiosk in the city. He also expressed concern over the absence
of branches in the areas concentrated by the Muslims.
“This is the time when we are opening branches in the villages
with a population of 200 to 300 people. Here we are unable to open
sufficient number of branches and install ATM kiosks in a city of
more than 06 lakh people”, he said urging the bankers present in
the meeting to take immediate measures.