The Indian government has permitted an Iranian bank to establish its branch in Mumbai. Union Minister Nitin Gadkari announced the same after meeting Iranian Foreign Minister Javad Zarif in New Delhi.
In three months, Iran’s Pasargad Bank will open its branch and Gadkari informed that the government has already granted permission to do the same. Meanwhile, Zarif informed that India’s UCO bank will open its branch in Iran.
India is developing Iran’s Chabahar Port and the two banks will ease transactions related to the operations of the same. Gadkari said that the proposal to trade system between India and Iran can also be considered.
We had a good discussion with the Iranian minister. The Chabahar port has already served the first ship from Brazil. For the port’s operations, the financial resources are ready. The problems have been resolved regarding the same,” Gadkari said.
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India has spent $8.5 crore on machines for the development of the Iranian port. The port is situated at a bay in Oman, Iran.
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