Domestic banking major IDBI bank, which had received nod to handle import export transactions with Iran early March, has now commenced operations by creating Iran trade cells in 5 Indian cities where it has designated trade finance officers to facilitate business transactions for Indian exporters dealing with Iran. The bank has also received started receiving funds from Central Bank of Iran for export settlements of Iran.
IDBI bank has created trade cells in Mumbai, Kolkata, Delhi, Indore and Ahmedabad. SWIFT Enabled Iran Banks which are presently dealing with IDBI are Bank Pasarad, Bank Keshavarzil, Bank Hekmat Iranian, City Bank (Public Corp) Bank Sahar, Saman Bank Corporation, Sarmaye Bank (PJSC), Karafarin Bank, Middle East Bank – Iran and Bank Refah Kargaran.
Upon obtaining permission from the Indian bank to handle import export transactions with Iran, the IDBI Bank has become the second bank to route the payments, after UCO Bank, which has been solely handling rupee payments till now.