Iran, India likely to open private banks

Iranian and Indian private banks are likely to open branches both in Iran and India in a bid to facilitate trade exchanges between the two countries, a senior Iranian diplomat announced on Sunday. Speaking to FNA, Tehran's Ambassador to New Delhi Seyed Mehdi Nabizadeh said that the private banks will open branches in the near future in a bid to make trade ties and exchanges between the two countries easier. "Setting up these branches will leave positive effects on the trade ties between the two nations and will also benefit Iranian businessmen and students," Nabizadeh reiterated. Asked about an upcoming visit to Tehran by Indian Prime Minister Manmohan Singh, the Iranian envoy stated that the exact date of the visit has not been fixed yet, and the two sides are trying to schedule the visit in 2011. Diplomats of the two sides at the UN said that the date of the Indian premier's visit would be decided mutually after consultations. Singh accepted in principle the invitation of Iranian President Mahmoud Ahmadinejad to visit Iran when the two leaders met on Saturday on the sidelines of the UN General Assembly session in New York. Elsewhere, Nabizadeh noted expansion of economic ties and cooperation between Tehran and New Delhi, and said Tehran will host the 17th Iran-India Joint Economic Cooperation Commission meeting early in 2012. The 16th meeting of the two countries' economic commission was held in New Delhi in 2010.