UCO, 4 Iranian banks settle trade payments in rupees

India and Iran have found a way out for settling delayed trade payments. UCO Bank and four Iranian banks, including the Persian Bank, are settling payments in rupees.

This was disclosed at a meeting organised by the Federation of Indian Exporters' Organisation on Wednesday for a visiting Iranian business and trade delegation. Dr Yahya Ale-Eshaq, President, Tehran Chamber of Commerce, Industries and Mines, said bilateral trade payments aggregating to Rs 700 crore have been settled between the Indian public sector bank and the four Iranian banks.

Mr Rafeeque Ahmed, President, FIEO, said bilateral trade between India and Iran will increase to $25 billion by 2016.