Security clearance to Parsian Bank, Bank Pasargad and Eghtesad-e-Novin Bank has been denied fearing possibility of money laundering and terror financing in transactions through them, official sources said.
The government move follows India accepting international guidelines set by the Financial Action Task Force (FATF), based in Paris.
India, which became its member in 2010, is required to follow its international guidelines to check money laundering and terror-financing activities.
Branches of Iranian banks in India may have helped oil and other companies which face difficulties in trade with Iranian companies in view of the US sanctions on Tehran.
India exports rice, wheat, tea, yarn, textiles, fertilisers and machineries while it imports crude oil.
The target fixed for import of crude oil from Iran for 2012-13 is approximately 15.5 million tons. Total crude oil imported from Iran by Indian companies during 2010-11 and 2011-12 was 18.50 million tons and 17.44 million tons respectively. (More)
