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India allowed the spreadland bank of Iran to open branches in Mumbai

India allowed the spreadland bank of Iran to open branches in Mumbai

Indian government has allowed an Iranian Bank to open a branch in Mumbai.

It was announced by Union Minister Nitin Gadkari after meeting with Iranian foreign minister Javad Jarif in New Delhi on 10 Jan 2019.’

Iran’s Pasargad Bank has received the necessary clearances to open its branch in Mumbai.

Alongside, India’s UCO Bank will open a branch in Iran.

Reasons behind

The two banks will facilitate transactions relating to operation of berths at Iran’s Chabahar Port that India is developing.

The move is also expected to facilitate Indian businesses to trade on easier terms with Iran in the backdrop of the US placing Tehran under crippling sanctions with embargos on dollar trade.

Iran is one of India’s top sources of oil and though New Delhi has reduced its imports under US pressure, it has conveyed to Washington that oil imports cannot be done away with.

India has taken over operations of the Chabahar port in the Sistan-Balochistan province of Iran, the first time India will operate a port outside its territory.

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