India gave permission to Iranian bank to open its branch: Gadkari

"We are very happy that both UCO Bank from India and Pasargad Bank from Iran are getting started with the business," he added.

India gave permission to Iranian bank to open its branch: Gadkari
Photo: IANS

NEW DELHI: The Reserve Bank of India has given clearance to an Iranian bank to open a branch named Pasargad in Mumbai within three months, Union Minister of Road, Transport and Highways Nitin Gadkari said on Tuesday.

“The government of India has given permission to an Iranian bank to open its branch in Mumbai. It is going to open within three months, and will be used for transactions” he said.

“The two banks will facilitate transactions relating to the operation of berths at Chabahar port,” he added.

The Iran Foreign Minister Mohammad Javad Zarif engaged in detailed discussion over a range of topics, including the Chabahar Port, steel, locomotive engines and urea and hope that “in spite of the illegal US sanctions”, both India and Iran can cooperate further for the benefit of the people of the two countries and for the region.

“We had very good discussions on both Chabahar as well as other areas of cooperation between Iran and India. The two countries complement each other and we can cooperate in a whole range of areas,” Zarif said.

“We are very happy that both UCO Bank from India and Pasargad Bank from Iran are getting started with the business,” he added.

The Shipping Ministry said on Monday that India has taken over the operations of a part of the Chabahar Port, which marks the first time it will be operating a port outside its territories.

The takeover of operations was done during the Chabahar Trilateral Agreement meeting between Indian, Iranian and Afghan officials held on December 24, a ministry statement said.

While India started interacting with Iran on Chabahar Port around 2003, a MoU was signed between the two countries for the development of Chabahar Port in May 2015 which was later translated into a formal 10-year contract for equipping and operating the port.

According to Gadkari, India has placed $85 million machinery order for Chabahar Port.

With agency inputs