Renewed US sanctions on Iran revive fortunes of a bank

Kolkata-based UCO Bank expects its privileged status processing refiners’ payments for Iranian oil shipments to add more than Rs 800 crore ($110 million) to annual earnings, according to chief executive officer Atul Kumar Goel. Indian refiners are required to deposit any money destined for Iran without interest with UCO Bank during periods when US sanctions are in force.

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