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India Allows Iran’s Bank Pasargad To Open Branch in Mumbai

India Allows Iran's Bank Pasargad To Open Branch in Mumbai_50.1

Union Minister Nitin Gadkari has announced that India has allowed an Iranian bank, Pasargad Bank, to open a branch in Mumbai. The move is aimed at circumventing US trade and investment sanctions as India builds a strategic port in the West Asian country.

Iran’s Pasargad Bank has received the necessary clearances to open its branch in Mumbai. Alongside, India’s UCO Bank will open a branch in Iran. 

Source- The Livemint

Static/Current Takeaways Important For IBPS Clerk Mains Exam:

  • India has taken over operations of the Chabahar port in the Sistan-Balochistan province of Iran, the first time India will operate a port outside its territory. 

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