The Reserve Bank is trying to sort out the vexed issue of payment for oil supplies from Iran following its decision to abolish the use of a regional payment mechanism for these transactions. RBI Governor D Subbarao said at a function in New Dellhi that the apex bank was ensuring that oil supplies come from Iran. The Reserve Bank on December 23 had said all trade-related payments with Iran have to be made outside the Asian Clearing Union.
News On AIR | January 8, 2011 1:07 PM
RBI trying to settle oil payment to Iran issue