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.