The RBI governor, Dr D. Subbarao, said on Thursday that Islamic banking was not possible within the existing legal framework of the country.
While talking to mediapersons after the meeting of the RBI board here, Mr Subbarao said that Islamic banking did not involve payment of interest and was based on s

Reserve Bank governor D. Subbarao said on Thursday that “Islamic banking” was not possible within the country’s existing legal framework.

In a major setback to British Airways, the union representing airline’s cabin crew on Thursday won an appeal against an injunction that blocked a series of planned strikes.

Two top gainers amongst the large cap stocks on Thursday were ONGC and Oil India. Both the companies saw their share prices soar by 8-9 per cent — following the government’s decision to raise natural gas prices. These companies produce over 50 million cubic meters/day of natural gas which will now be sold at $4.2/unit instead of the earlier price of $1.9/unit. Analysts estimate that this can push up the profits of both the firms by up to 20 per cent.

The Delhi government wants to delay a decision on Parliament attack convict Afzal Guru’s mercy petition till after the Commonwealth Games in October, not wishing to take any chances with security for

A Labour MP, Denis MacShane, has accused the Tory-led government of being India obsessed and not paying enough attention to Pakistan.

A significant hike in the prices of petrol and diesel are on the cards following the hike in the price of natural gas on Wednesday. An empowered group of ministers (eGoM) constituted by the Prime Minister, Dr Manmohan Singh, will meet on June 7 to decided on the issue of liberalising prices of auto fuel as recommended by the Kirit Parikh committee.

Prime Minister Manmohan Singh gave an assurance Thursday that the government would examine what it could do amid demands that it stop the auction of 12 paintings by Rabindranath Tagore due to go under the hammer at Sotheby’s in London on June 15.

The Conservative and Liberal Democrat coalition government on Thursday revealed the complete details of their policy agreement.

India will take on regining world and Olympic champions Holland in their opening encounter of the women’s Hockey World Cup in Rosario, Argentina, from August 29 to September 11 this year.