Religion - an Overview Through New Institutional Perspective

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India is a home of varied religion and religious practices, thus religion acts as an important institution or structural backbone for the country. It acts as an identification device, which provides a guideline about the existing norm and belief about all the religion. In a traditionalist country like India, the religious integrity or even the volatile conflict of ideologies among the religion provides a broader and vast paradigm of information asymmetry and coordination failure. The cultural dominance on the individualistic faith and trust creates a barrier between the religions and their ideography (thick ideological issues). The traditional definition of religion might provide the guideline to identify the secularism but it does not define any socially-outcast mechanism or religious disparity. Religion not only defines extremity, integrity or conflict, it also acts as a coordination device or device to judge an individual. Therefore this paper provides the pre-existing concept of prisoner’s dilemma under certain restrained conditions to show that the Nash equilibrium deviates from the usual outcome. This paper also provides an outline for structural mechanism of the religions under an estimated scenario dealt between a service provider and customer. Therefore the paper aims to identify the fact and reasoning behind the inter-religious conflicts and uncertainty among the individuals about their own behavior due to lack of symmetric information. Thus the paper tries to look into religion as an informal institution (with complex enmeshed structures) bounded by some norms and beliefs alongside of the restrained rationality among the individuals.