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With India commencing partial operations at Chabahar port

Iranian bank to open branch in Mumbai


With India commencing partial operations at the strategic Chabahar port in Iran, and the first vessel already calling, the government has allowed an Iranian bank to open a branch in Mumbai for related transactions, it is learnt.


Iran’s Bank Pasargad will open its branch within the next three months, the Shipping Minister, Mr Nitin Gadkari, said after a meeting with Iran’s Foreign Minister, Mr Mohammad Javad Zarif, here.


Concurrently, India’s UCO Bank will also open a branch in Iran, the Iranian Minister said, as per reports.


Meanwhile, India is in the process of boosting the equipment and infrastructure at Chabahar port. The facility allows India to bypass Pakistan while connecting to Afghanistan and Central Asia.


Source : Exim News Service - New Delhi, Jan. 10


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