"Large banks with international operations should avoid this business bet as it may pose risks of economic sanctions," said a banker. Earlier, UCO was also the primary payment settlement bank for India-Iran trade ties when Iran was under US sanctions. The special payment mechanism to import crude from Iran had provided the state-owned lender a good chunk of interest-free floating fund, which helped it reduce its cost of funds.from Banking/Finance-Industry-Economic Times https://ift.tt/DZJI4ON
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