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IDBI Bank to handle import and export transactions with Iran

Date: 06 March 2019 Tags: Banking Schemes & Policies
  • Union Finance Ministry has given its nod to IDBI Bank to handle import and export transactions with Iran.
  • This has been done to boost trade between India and Iran amidst US’s unilateral sanctions on Iran.
  • Earlier, UCO Bank used to handle the payments during the previous sanctions. But this channel of payment to Iran in Euros was blocked from November 2018.
  •  Iran is the third largest supplier of oil to India after Iraq and Saudi Arabia.  Bilateral trade between India and Iran was US $13.8 billion in 2017-18.
  • India has trade deficit with Iran and its exports to Iran were only worth US $2.5 billion.