As reported in some financial newspapers, some banks in India (including major banks) these days are not accepted US dollar transactions from Iranian buyers. Which of the following is the major reason of banks not accepting such transactions from Iran? [OBC 2008]begin{enumerate}item USA has put a ban on major Iranian Banks, hence Indian banks are also not accepting transaction from Iran as they do not get return of the same from it.item Iran is facing a major Recession, hence all Banks have stopped major transactions with Iranian banks.item Iran has declared itself as an Islamic country and hence its banking is also Islamic Banking. This is the reason owing to which most of the countries are not able to develop financial ties with it.end{enumerate}

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

As reported in some financial newspapers, some banks in India (including major banks) these days are not accepted US dollar transactions from Iranian buyers. Which of the following is the major reason of banks not accepting such transactions from Iran? [OBC 2008]

A	Only 1
B	Only 2
C	Only 3
D	Both 1 & 2

Explanation:

Detailed explanation-1: -Brief about the report: In accordance with Section 36 (2) of the Banking Regulation Act, 1949, the Reserve Bank of India published the Report on Trend and Progress of Banking in India 2021–22.

Detailed explanation-2: -UCO Bank, used by India for Iran payments, plans rupee trade with Russia.

Detailed explanation-3: -The correct answer is the Reserve Bank of India. Reserve Bank of India is the apex banking institution of India that regulates the financial sector.

Detailed explanation-4: -The sanctions were imposed by Executive Order 12170, which included freezing about $8.1 billion in Iranian assets, including bank deposits, gold and other properties, and a trade embargo.

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