Economy, Business And Markets

Government Approves Iranian Bank Branch in Mumbai

Government Approves Iranian Bank Branch in MumbaiGovernment Approves Iranian Bank Branch in Mumbai

Just weeks before US reimposes sanctions on Iran, the Indian government has approved a proposal from Iranian private lender Bank Pasargad to open a branch in Mumbai.
According to Indian Express, the Indian Finance Ministry has conveyed to the Reserve Bank of India that it has no objection to allowing the Tehran-based Bank Pasargad open its branch in India. 
The clearance to the Iranian bank comes amid US plans to reimpose sanctions and calls on other countries to minimize oil purchases from Iran. The first US sanctions on Iran will start from Aug. 6 and a secondary set will begin from Nov. 4.


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