UCO Bank eyes non-oil imports from Iran to sustain rupee-rial trade

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With India no longer importing oil from Iran, UCO Bank is looking at other avenues to keep the rupee payment mechanism with Iran alive.

According to A K Goel, MD and CEO of UCO Bank, the lender is in talks with importers to use the mechanism for other imports. “In the last few months, there has been no fresh inflow into the payments account. We are exploring the opportunity to import other commodities, such as fresh fruits, under the mechanism. Our role here is not only settlement, but also to facilitate trade between India and Iran,” said Goel.

In the wake of