SBI branches stop Iran cos’ dollar transactions

State Bank of India has directed its overseas branches to stop transactions with Iranian entities. An internal circular issued by India’s largest bank to its branches last month shows India has also tacitly joined international sanctions against the country orchestrated by the United Nations. The development comes just weeks ahead of US President Barack Obama’s visit to India early next month. The state-owned bank took this decision after it discovered few cases where Iranian entities attempted to break the bank’s firewall by using shell entities to purchase US dollars to finance their business.