ATUL KUMAR GOEL, MANAGING DIRECTOR & CEO, UCO BANK ON INDIA-IRAN TRADE ORGANISED BY FIEO AT LUDHIANA

Ludhiana, February 22, 2019: FIEO Ludhiana Chapter organised an Interaction on Doing Business With IRAN with UCO Bank at Ludhiana. Shri Atul Kumar Goel, MD & CEO, UCO Bank along with Shri Sankara Narayanan V, General Manager (International Banking) & Shri Kapil Seth, DGM (Chandigarh Region) joined the session as experts on INDIA-IRAN Trade related issues. Mr Atul Kumar Goel (MD & CEO, UCO Bank) while addressing the participants shared his views and said that “There are various nuances and complexities of the trade sanctions imposed on Iran over the decades. UCO Bank acknowledges the concerns of the exporters and assures the export fraternity dealing with IRAN, that the our Bank has been working relentlessly with the various stakeholders throughout India to address all such issues. Several steps have already been taken by the bank in this regard, such as training of officials, formation of re-dressal centres etc, responsiveness with a very proactive approach focusing on facilitation of exporter dealing with IRAN”. Mr S C Ralhan, Immediate Past President, FIEO stated that “There are several challenges pertaining to payments, shipment, exchange of documents, insurance etc in exports to Iran. However, recent developments including the Rupee payment mechanism was a welcome move and more such concerted efforts are required which will go a long way in facilitating exports to Iran, which has started improving. Furthermore the trade with Iran in Rupee through Vostro account of UCO bank could retain the current trade and may even give boost, if India eyes this opportunity judiciously and uses the trade gap to focus on exporting products that Iran requires, some of which it was earlier importing from other countries, who have not entered into a Vostro-like deal with Iran as on of now”. Mr Shankara Narayanan V, GM, International Banking Division, UCO Bank interacted on key transactional issues and explained various technicalities related to export payments with Iran and also gave a presentation on the Rupee Payment Mechanism. Mr Rahul Ahuja while sharing his views stated that “From the economic perspective, Iran is the second largest supplier of crude oil to India. On the other hand India is one of the largest foreign investors in Iran's oil and gas industry. India’s Foreign Trade with Iran today stands at an extremely crucial juncture considering the current sanctions imposed on Iran and the subsequent uncertainties which has resulted for the Indian exporters. However, recently the US waiver to India from Iran sanctions, allowed Indian oil companies to continue to import of approximately 1.25 million tonnes of oil per month ,this has come as a big relief”. The session was well attended by more than 50 exporters representing prominent business houses across the Region.