Iran-based Bank Pasargad Plc's request to set up a branch in Mumbai is in the final stage of approval, Iran's Financial Tribune reported Oct. 12, citing Saurabh Kumar, India's ambassador to Iran.

Saman Bank (PJSC) and Parsian Bank have also requested to open a branch in India, Kumar announced during a meeting with Mohammad Reza Karbasi, the deputy for international affairs at Iran's Chamber of Commerce, Industries, Mines and Agriculture.

UCO Bank, based in India, is also interested in establishing a presence in Iran "in the foreseeable future," he added.