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ISLAMIC BANKING IN J&K: HC GIVES FINANCE MINISTRY, RBI TWO MORE WEEKS TO RESPOND
The Forum also seeks direction to the J&K Bank to take immediate steps for opening of Shariah-compliant windows to accomplish the objective of mass level participation in Shariah Banking.
The High Court on Tuesday granted two more weeks to the Union Finance Ministry, Reserve Bank of India, Jammu and Kashmir Government and the Jammu and Kashmir Bank to respond to a Public Interest Litigation seeking introduction of Islamic Banking in the state.
A division bench of Acting Chief Justice AlokAradhe and Justice M K Hanjura asked the concerned authorities to file objections to the PIL by June 9. On March 20 this year, the Court had issued notices to the Union Ministry of Finance, RBI, J&K government and the J&K Bank asking them to respond to the PIL within four weeks.
An NGO, Jammu and Kashmir Peoples Forum wants J&K Bank Limited to place before the court entire details of Non-Performing Accounts (NPAs) and the steps taken for recovery of the outstanding amount in NPAs, saying the same is public money which cannot be allowed to be misappropriated either by the accountholders or by the management of the bank. The Forum also seeks direction to the J&K Bank to take immediate steps for opening of Shariah-compliant windows to accomplish the objective of mass level participation in Shariah Banking.
“In 2013, Ministry of Finance had requested RBI to give its considered opinion regarding feasibility of introducing Islamic banking in India after examining all the legal, technical and regulatory issues relating to the matter. Accordingly, an Inter- Departmental Group (IDG) on Islamic Banking was constituted in RBI and the report prepared by the Group has been submitted to the Government in February 2016,” pleads the Forum.
“RBI has also forwarded a Technical Analysis Report based on the recommendation of the Group to the Government in December 2015.”
On the basis of the recommendation of the IDG, the Forum said, it has been suggested by the RBI that a few products similar to conventional banking products may be considered for introducing through Islamic Window of the conventional banks after necessary notification by the Government.
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