(a) whether there is any proposal to establish Islamic Bank in the country on the lines
of Malaysia and Saudi Arabia;
(b) if so, the details thereof;
(c) whether any committee has been formed to explore the possibility of such bank;
(d) if so, the details thereof; and
(e) the reaction of Reserve Bank of India in this regard?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PA WAN KUMAR BANSAL)
(a) to (e) : There is no proposal for introduction of Islamic banking in India. The Government
has not constituted any Committee in this regard. However, Reserve Bank of India (RBI) is
looking at the enabling requirements, if overseas branches / subsidiaries of Indian banks have
to offer Islamic banking products to meet the emerging competition in this area.