Iran's Bank Pasargad is to open branches in India to expand banking cooperation between the two countries.
Indian Premier Narendra Modi in a meeting with President Hassan Rouhani said that India has authorized Bank Pasrargad to open branches in the country.
This is regarded as the first authorization for opening an Iranian private bank in Mumbai.
During a recent visit by President Hassan Rouhani and his entourage to India, they met the country's prime minister and economic officials to examine grounds for expanding Iranian private sector cooperation in the country.
President Rouhani heading a high ranking politico-economic delegation arrived in India on February 15 at the official invitation of the Indian prime minister.
During the three-day visit, the two sides signed 15 memoranda of understanding on expansion of cooperation in various sectors.
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