Economy, Business And Markets

Agribank in Emergency Exercises

Agribank in Emergency ExercisesAgribank in Emergency Exercises

Bank Keshavarzi (agriculture) has conducted a set of exercises to implement emergency protocols for providing services to customers in case of a cut off from data systems.

The exercise took place in 29 branches of the state-owned bank this week. Over 90 percent of the banking transactions were processed during the exercise although systems were down.

Risk management office of Keshavarzi Bank said the exercise was done on Nov. 30 in the western province of Kermanshah and northern province of Eastern Azerbaijan.

The exercise had already taken place in Tehran, Alborz and Zanjan provinces.

The Tehran-based lender started the “continuous banking service” exercises last year in a bid to boost the bank’s preparedness in the face of emergency cases.

Keshavarzi Bank, also known as Agribank, is a major Iranian lender offering retail and commercial services. The bank was established in 1933 as a specialized bank in the field of farming and industry.

Currently, Keshavarzi serves as the only specialized financial institution in the agriculture sector with over 1,800 branches nationwide and finances nearly 70 percent of the Iranian agriculture sector.

The lender currently specializes in providing credit facilities for agricultural development and other rural development activities.