Govt OKs Iran bank in Mumbai before US sanctions

Written by Sunny Verma
| New Delhi |
Published: July 14, 2018 6:25:34 am

New Delhi: Union Finance Minister Piyush Goyal (PTI Photo/File)

Just weeks before US sanctions on Iran begin, the Centre has approved a proposal from Iranian private lender Bank Pasargad to open a branch in Mumbai, it is learnt. The Finance Ministry has conveyed to the RBI that it has no objection to allowing the Tehran-based Bank Pasargad to open its branch in India.

The clearance to the Iranian bank comes amidst the US announcing sanctions and asking other countries to minimise oil purchases from Iran. The first US sanctions on Iran will start from August 6 and a second set will begin from November 4.

The Federation of Indian Export Organisations had earlier approached the RBI suggesting that they should allow the entry of Iranian banks into India to facilitate…

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