Soon In Mumbai: Iranian Bank To Set Up Shop As Centre Grants Permission

An Iranian bank has been granted permission to open its branch in Mumbai by the Government of India. Union Minister Nitin Gadkari made the announcement after a meeting with Iran’s Foreign Minister Md Javad Zarif in the city.

Pasargad Bank will be opening its branch within the next three months.

The Tribune quoted Gadkari as saying, “The Government of India has already given permission to Iran to open a bank branch in Mumbai. They are going to open a branch in Mumbai in three months. That will be used for transactions.”

He said the meeting with the minister on Chabahar Port was a fruitful one. After detailed discussions, certain issues have been resolved and India has successfully ordered machinery worth $85 million for Chabahar Port, which is a strategic move for Indian influence in the region as it connects Afghanistan and Pakistan.

Furthermore, he said, “We had good discussions with the minister (Md Javad Zarif). The first ship from Brazil has already been received at Chabahar. The financial arrangement is ready. There were some problems, but we have resolved them. Proposals on barter system between the two nations can also be considered,” The Tribune reported.

Iran is ready to supply urea in exchange for real steel and locomotives.