Business And Markets

India-Iran Payment Mechanism Operational

As part of the payment mechanism, UCO bank has opened rupee Vostro accounts with five Iranian banks so they can deposit the oil money in those accounts
India-Iran Payment Mechanism Operational India-Iran Payment Mechanism Operational

The special trade mechanism set up by India's UCO Bank for processing oil import payments from Iran became operational on Friday, an official at the Foreign Ministry in Tehran said. 
"Following talks between Iranian and Indian authorities, India's Finance Ministry will send a directive to the UCO Bank on Friday for the mechanism to become operational," Mohammad Hussein Bani Asadi , director for India at the Foreign Ministry said. 
Bani Asadi made the announcement at an event late Wednesday at the Tehran Chamber of Commerce, Industries, Mines and Agriculture with the theme of "India, a Window Beyond Sanctions". It was attended by the Indian Ambassador Saurabh Kumar and business leaders from the two countries.


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