Four Iranian Banks Plan To Open Branches In India

New Delhi, June 1, IRNA - A top Iranian diplomat said Saturday that at least four banks from the Middle East country are interested in setting up branches in India, but are facing difficulties due to regulations. ˈFour Iranian banks look forward to opening branches in India. However, due to the cumbersome procedures and guidelines of the Reserve Bank of India (RBI), they are unable to start operations,ˈ Masood Khaleqi, Iran Consul General said while speaking at a function organized by industry lobby All India Association of Industries (AIAI) in Mumbai, capital city of Maharashtra state, pti reported. In a statement, the AIAI further quoted Khaleqi as saying that an Iranian delegation recently met officials from the Union Ministry of Finance and the RBI with regard to the issue. Speaking at the event, attended by a high-level business delegation from Iranˈs Azarbaijan Province, Khaleqi said the Indo-Iran bilateral trade, which stands at USD 15.9 billion at present, cannot cross the USD 60 billion mark. ˈThe high tariff structure maintained by India restricts further growth. This needs to be rationalized as preferential tariff system between India and Iran shall boost trade ties between the nations,ˈ the AIAI statement quoted Khaleqi as saying. At the event, Mumbaiˈs World Trade Centre and AIAI signed separate memoranda of understanding with the Urumieh Chamber of Commerce, Industry and Mines to facilitate trade promotion between the two./end