Eye on 2014, UPA warms to Islamic banking

[email protected] (The New Indian Express)
October 20, 2013
New Delhi, Oct 20: Firm in its belief that minorities will fetch it majority in 2014, a section of the Congress-led UPA is pulling all stops to introduce Sharia-based Islamic Banking in the country.
islamic_banking

Islamic banking complies with Islamic law (Sharia) and is guided by the religion's brand of economics that prohibits collection and payment of interest. It disallows investments in businesses considered unlawful, or haraam, like selling alcohol, pork or pornography. As Islam forbids simply lending out money at interest, rules on transactions have been created to prevent it. The basic principle of Islamic Banking is based on risk-sharing which is a component of trade rather than risk-transfer which is seen in conventional banking. It introduces concepts such as profit sharing, safekeeping, joint venture, cost plus, and leasing.

RBI supports

The idea of introducing Islamic Banking was first mooted by RBI governor Raghuram Rajan, now the UPA's poster boy of economic revival, back in 2008. With the MIT-educated former IMF economist now in the driver's seat, Islamic Banking lobbyists within the government are making deft moves to follow through that recommendation.

Though the matter comes under the Finance Ministry's ambit, spearheading the lobbyists is K Rehman Khan, the Minister for Minority Affairs. A staunch supporter of Islamic Banking, Khan met Rajan immediately after he took over as RBI boss last month. “The new RBI chief was very positive on the subject'' said a source in the ministry.

According to the source, the RBI chief made it clear to the minister that the decision was more political than financial. The ministry, thus, is preparing a blueprint explaining the positive impact Islamic Banking could have on the Indian economy, for circulation among stakeholders.

“It is natural for others to have apprehensions about an initiative called Islamic Banking. Our effort would be allay these fears,” said an official assigned the task of implementing it. Though the PM, Planning Commission boss Montek Singh Ahluwalia and Finance Minister P Chidambaram are in favour of the system, others in the government need convincing.

In 2008, Rajan as head of the High Level Committee on Financial Sector Reforms had recommended interest free finance should be introduced in the main banking sector for growth with inclusion. “The non-availability of interest-free banking products (where return to investor is tied to the bearing of risk, in accordance with principles of that faith) results in some Indians, including economically disadvantaged, unable to access banking products and services due to reasons of faith. This non-availability denies India access to savings from other countries in the region,” he had noted.

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News Network
December 7,2025

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Mangaluru, Dec 7: A rare bamboo shrimp has been rediscovered on mainland India more than 70 years after it was last reported, confirming for the first time the presence of Atyopsis spinipes in the country. The find was made by researchers from the Centre for Climate Change Studies at Sathyabama Institute of Science and Technology, Chennai, during surveys in Karnataka and Odisha.

The team — shrimp expert Dr S Prakash, PhD scholar K Kunjulakshmi, and Mangaluru-based researcher Maclean Antony Santos — combined field surveys, ecological assessments and DNA analysis to identify the elusive species. Their findings, published in Zootaxa, resolve decades of taxonomic confusion stemming from a 1951 report that misidentified the species as Atyopsis moluccensis without strong evidence.

The shrimp has now been confirmed at two locations: the Mulki–Pavanje estuary near Mangaluru and the Kuakhai River in Bhubaneswar. Historical specimens from the Andaman Islands, previously labelled as A. moluccensis, were also found to be misidentified and actually belong to A. spinipes.

The rediscovery began after an aquarium hobbyist in Odisha spotted a shrimp in 2022, prompting systematic surveys across Udupi, Karwar and Mangaluru. Four female specimens were collected in Mulki and one in Odisha, all genetically matching.

Researchers warn the species may exist in very small, vulnerable populations as freshwater habitats face increasing pressure from pollution, sand mining and infrastructure development. All verified specimens have been deposited with the Zoological Survey of India for future reference.

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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