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Due to current government policies and banking act, it is not possible to run any Islamic bank in India. The government asked RBI (reserve bank of India) to make a feasibilty study for Islamic banking in India and RBI.
Reserve Bank of India (RBI) constituted a committee in 2007 to examine the issue but viewed that Islamic banking cannot be offered by banks in India as well as the overseas branches of local banks under the present legal framework. Except a basic offering like current account, almost no other banking product in India can be modified to meet the conditions of Islamic banking.
Most of the Islamic financial institutions are registered as Non-Banking Financial Company (NBFC) in India. You may find many such NBFC's running on Islamic principles in India in several states.
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