'India must have interest free banking'
Islamic Banking cannot adopted in India for some obvious reasons. The legal system, social system, etc are not congenial to introduce Islamic Banking in our country. RBI made a thorough study a few years back and decided not to resort to this version of banking. The concept may be discussed, studied and researched but cannot be implemented. For academic purposes, some Conferences or Seminars may be held to educate those interested in knowing this mechanism. Some how, the religion aspect seems to be playing mental blocks for such a move. We have been witnessing, as a contrary, that Microfinance Institutions are charging usurious interest rates and RBI is yet to decide on this matter.