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Financial Express quoted Iran’s Ambassador to India Ali Chegeni as saying this week that Iranian bank. Pasargad. has received all necessary approvals including from the Reserve Bank of India (RBI) to commercial banking operations.
“It [Bank Pasargad] will start operations in 2-3 months.“ he said on sidelines of an industry event in India.
Oil was the biggest commodity traded between the two countries with India buying on an average $1 billion worth of crude oil from the Persian Gulf nation every month. But. after the reimposition of economic sanctions on Iran by the US in November last year. India’s purchase of oil from the Persian Gulf nation was started in the rupee instead of US dollars.
Indian oil firms paid Iranian oil company in rupees in a Uco Bank account for the oil they bought. Iran used this money to settle payments for commodity and equipment imports it does from India.
According to the report. Chegini noted that opening up of Bank Pasargad will allow settling payments for imports done by Iranian firms.
