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UCO Bank allays fears of exporters to Iran facing payment problem

UCO Bank allays fears of exporters to Iran facing payment problem

Monday, January 6, 2020, 12:02 PM

Notwithstanding the latest escalation in tensions between the US and Iran, Indian exporters to the Gulf nation are unlikely to face any problem in getting their payments in rupee at least till this fiscal-end. Uco Bank currently has "availability of funds" in its rupee accounts, which had been opened to facilitate India-Iran trade-settlements, to make payments "at least for sometime", according to the source.
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