Iranian bank to open branches in India

Indian Premier Narendra Modi in his meeting with President Hassan Rouhani said that India has authorized Bank 'Pasrargad' to open branches in the country.

This is regarded as the first authorization for opening of an Iranian private bank in Mumbai.

During recent visit of President Hassan Rouhani and his entourage to India, they met with the country's prime minister and economic officials to examine grounds for expansion of cooperation of the Iranian private sector in the country.

President Rouhani heading a high ranking politico-economic delegation arrived in India on February 15 at the official invitation of the Indian prime minister.

During the three-day visit, the two sides signed some 15 memoranda of understanding (MoUs) on expansion of cooperation in various sectors.

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