India ‘exploring more options for Iran payments’
Mumbai, January 24, 2012
The Reserve Bank of India's Governor Duvvuri Subbarao said there were some arrangements in place for oil-related payments to Iran, which were working fine, and the central bank was also exploring other options.
India, the world's fourth-largest oil consumer, buys around 12 per cent of its oil from the Islamic Republic. It pays through a Turkish bank after a previous clearing mechanism was shut down in December 2010. – Reuters