3 Iranian Banks to Open India Branch

Three Iranian private banks, namely Saman Bank, Parsian Bank and Bank Pasargad, plan to open branches in India, of which Pasargad’s request is in the final stage of approval, India’s ambassador to Iran announced.

According to Saurabh Kumar, Pasargad’s branch will open in Mumbai—India’s largest city and financial center.

“State-owned Indian banks like UCO Bank have also showed interest in setting up shop in Iran, which I hope to happen in the foreseeable future,” Kumar was also quoted as saying by IBENA.

The Indian ambassador made the statements during a meeting with Mohammad Reza Karbasi, the deputy for international affairs at Iran’s Chamber of Commerce, Industries, Mines and Agriculture, on Tuesday.

Kumar noted that during his recent meetings with his nation’s finance and economy ministers, removing barriers in the way of the two countries’ bilateral relations was emphasized.

He announced that a business delegation from the Associated Chambers of Commerce and Industry of India would visit Iran within two weeks to assess different aspects of expanding economic relations between the two countries.

ASSOCHAM, established in 1920 by promoter chambers, representing all regions of India, is one of the apex trade associations of India. The organization represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives.

The goal of this organization is to promote both domestic and international trade, and reduce trade barriers.

“Representatives from India’s public-sector banks will also accompany ASSOCHAM in their Tehran visit, therefore I ask for a few meeting to be held between them and representatives of Iranian banks,” Kumar added.

During the meeting, Karbasi said the establishment of commercial relations requires strong banking and financial ties, noting that representatives from the banking sector also accompanied ICCIMA’s delegations to Ukraine, Croatia and Spain on their recent visits.

“As always, ICCIMA welcomes business delegations and will take measures to boost mutual relations between the two countries,” he said.