A closet jihadi as the Governor of RBI? Its an unimaginable thought. Raghuram Rajan set out to do the most unpardonable thing of approving “Sharia Compliant Fund”.Which means Islamic banking in a Hindu majority country. The State Bank of India put out adverts for this fund.
Islamic banking outlaws interest. So lending & deposits are to be interest free. The RBI Act, 1934 clearly prohibits such interest free transactions. How come Mr. Rajan did not know this? Did he choose to look away?. The Kerala High Court put a stay on Islamic banking as then Governor of RBI Dr Subba Rao filed an affidavit stating that the RBI would not approve of such banking. Was this lost on Mr.Rajan? Why di that Governing Board of RBI did not take notice of this stay?
Assuming this fund were to be launched, who would administer such a fund? Mullah’s? What would be the selection criteria for mullah’s? Most of them haven’t been to school or are half literates. This is a frightening thought. Soon they would have opened a line of credit to the ISIS.
After a massive uproar, the SBI rolled back the idea. The press release mentioned that some changes as being made to better the idea.This in other words means the fund is dead.
This terrible thought of Islamic banking was started by an idiot called “Wajahat Habibullah”, a former chairman of Minorities Commission. His evil designs were thwarted by the some Prof.Vaidyanathan(IIMB) & Dr Swamy, who moved Court of get a stay.Its a shame that Indian economic policy making has always been in the hands of economists who have lived most of their lives abroad. Take the case of Rajan he is a longtime resident of the USA.So was Kaushik Basu (Ex EoA, who quit before the shit hit the ceiling). The current economic advisor Arvind Subramanian is also in the same category.Bu the big daddy of them all is Amartya Sen.
One common thread that binds all these men is liberalism of the west and the concept of secularism. This thought is contradictory to the idea of Bharat. It naturally leads to an anti Hindu agenda.
Jihadi fund is dangerous to the security of the nation. The time has come to get rid of jihadi sleeper cells. Now is the time to write the epitaph of Mr Rajan. But is Mr. Jaitley listening?