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India finance ministry rejects Iranian bank expansion
- Iran: Monday, September 10 - 2012 at 12:01
India's finance ministry has rejected a request by Iran's Parsian Bank to open a branch in the sub-continent, due to security concerns and threat of money laundering, PTI has reported, citing unnamed sources. The matter was examined by Reserve Bank of India, and subsequently, based on RBI's report, a decision was taken by the finance ministry not to agree to Parsian Bank's application, the sources said. Iran had been pressing New Delhi for allowing Parsian Bank to open a branch to settle oil and other trade with India.
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