Possible Change in India Payment Bank

India’s Finance Ministry may replace UCO Bank with another public sector lender to make its Iran oil payments. While no final decision has been made, an Indian official said the ministry “favored” IDBI Bank to replace UCO Bank, BTVi quoted the Newsrise agency as saying. India, one of the world’s biggest buyers of Iranian crude oil, owed $6.5 billion to the country for crude oil it imported while the western sanctions were in place. A part of the payment was made earlier this year in May in euros on the request of Tehran, before Indian Prime Minister Narendra Modi visited the country. The payment was made to Turkey’s Halkbank, DNAindia.com reported.