Iranian bank allowed to open Mumbai branch

  • On 8 January 2019, India allowed Iran’s Pasargad Bank to open a branch in Mumbai.
  • Alongside, India’s UCO Bank will open a branch in Iran.
  • The two banks will facilitate transactions relating to the operation of berths at Iran’s Chabahar Port.
  • The move is also expected to facilitate Indian businesses to trade on easier terms with Iran.
  • India has taken over operations of the Chabahar port.