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India-Iran trade partnership: Delhi and Tehran to host each other’s bank branches
NEW DELHI: In a step that would facilitate expansion of trade and investment partnership including oil payments amid the easing of international sanctions from Iran, Delhi and Tehran have decided to open branches of each other's banks in each other's country.
Iran's Pasargad and Parsian banks will open branches in Mumbai and Delhi and Saman Bank will also do banking activity in India independently. An Indian bank will also open a branch in Iran. This was decided at the recently concluded Joint Commission Meeting (JCM) here that also decided to explore partnership in the fields of insurance and tourism sectors besides the sectors of energy, infrastructure, ports, railways, trade and consular matters, official sources informed.
The partnership in banking and insurance are key outcome from the JCM, sources said. Iran has been exploring the possibility of opening branches of their banks here since 2013 but had faced difficulties due to regulations and guidelines of the Reserve Bank of India. Presence of banks in each other's country would also help expand investment ties.
India-Iran trade partnership: Delhi and Tehran to host each other’s bank branches - The Economic Times
NEW DELHI: In a step that would facilitate expansion of trade and investment partnership including oil payments amid the easing of international sanctions from Iran, Delhi and Tehran have decided to open branches of each other's banks in each other's country.
Iran's Pasargad and Parsian banks will open branches in Mumbai and Delhi and Saman Bank will also do banking activity in India independently. An Indian bank will also open a branch in Iran. This was decided at the recently concluded Joint Commission Meeting (JCM) here that also decided to explore partnership in the fields of insurance and tourism sectors besides the sectors of energy, infrastructure, ports, railways, trade and consular matters, official sources informed.
The partnership in banking and insurance are key outcome from the JCM, sources said. Iran has been exploring the possibility of opening branches of their banks here since 2013 but had faced difficulties due to regulations and guidelines of the Reserve Bank of India. Presence of banks in each other's country would also help expand investment ties.
India-Iran trade partnership: Delhi and Tehran to host each other’s bank branches - The Economic Times
