Jan 12, 2018, 5:34 PM
News Code: 82793547
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3 Iranian banks apply for India branch

New Delhi, Jan 12, IRNA – Three Iranian banks have applied for opening branches in India, The daily Indian Express reported.

'Two banks from Iran, Bank Pasargad and Parsian Bank, have applied for setting up their maiden branch in India, while another Iranian lender, Saman Bank, has sent an application for setting up a representative office,' it reported.

India imports a large quantity of oil from Iran and has committed investment of $500 million for the development of the crucial Chabahar port, according to Indian media.

'After the US lifted economic sanctions on Iran a couple of years ago, Iran is trying to restore the channels for receiving payments from India. When the sanctions were in place, India was routing its payments for purchase of oil through the state-owned UCO Bank. After Iranian banks establish their presence in India, the modes of financial transactions between the two countries are likely to change,' the Express wrote.

Under the nuclear deal, officially known as Joint Comprehensive Plan of Action (JCPOA), Iran received relief from nuclear-related sanctions by the US, the UN and the European Union in exchange for curbing its nuclear activities.

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