India Said to Deny Branch for Iran Bank Under U.S. Pressure
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India barred an Iranian bank from opening a branch in the country because of U.S. pressure, making it harder for the Persian Gulf state to settle oil trades with its second-biggest crude customer, two people with knowledge of the matter said.
Parsian Bank, based in Tehran, had sought approval for a Mumbai office to facilitate trade transactions in rupees, the people said, declining to be identified because the information is confidential.