The RBI Governor Dr D Subbarao says Kerala’s demand for Islamic banking in the state is not possible under the current RBI guidelines.
Speaking to media persons in Kochi, Dr Subburao said amendments to the RBI rules will be required for this purpose. RBI has provided its views to the union government on the issue. He said the next review meet on monetary policy is slated to take place on December 18.
Earlier, declaring Ernakulam in Kerala as the first district in the country to achieve Meaningful Financial Inclusion, Dr Subburao called upon states to make financial matters part of school curriculum to create awareness amongst the younger generation.
Earlier, inaugurating the event, Kerala Chief Minister Oommen Chandy said banks should ensure that educational loans are available to all needy students at affordable rates of interest.