Renewed US sanctions on Iran oil revive fortunes of an Indian bank


Renewed US sanctions on Iran oil revive fortunes of an Indian bank

Renewed U.S. sanctions on Iran’s oil exports are giving a boost to the profits of one of India’s smaller state-owned banks, which has been struggling under the weight of a mountain of bad loans.

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 U.S. sanctions are in force.

“Being involved in the country’s oil imports from Iran gives us access to zero-interest funds, which refiners place with us Read More

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