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India bars three Iranian banks

Three Iranian banks have been banned by India's home ministry from opening branches in the country, over concerns about money-laundering and terror financing, AFP has reported. The ministry has denied security clearance to applications by Parsian Bank, Bank Kasargad and Eghtesad-e-Novin Bank because of its obligation to guard against money laundering and terrorist financing. India's Department of Economic Affairs plans to ask the home ministry to reconsider its decision, citing 'strategic compulsion' for the opening of the Iranian bank branches.