nIran will open a branch of its Bank Pasargad in India in the next 2-3 months to help boost trade between the two nations at a time when US economic sanctions have blocked international banking channels.
Ali Chegeni, Iran’s Ambassador to India, said Pasargad has received all necessary approvals including from the Reserve Bank of India (RBI) to commercial banking operations.
“It (Bank Pasargad) will start operations in 2-3 months,” he said on sidelines of an industry event here. Oil was the biggest commodity traded between the two countries with India buying on an average $1 billion worth of crude oil from the Persian Gulf nation every month.
But, after the US imposed partial economic sanctions on Iran in November last year, India’s purchase of oil from the Persian Gulf nation was started in the rupee instead of US dollars.