State Bank of India

Banking
NSE: SBIN
India
http://www.statebankofindia.com

In 2013, CalSTRS designated State Bank of India as “Under Review” for potentially having ties to Iran. In 2014, CalSTRS sold all holdings of State Bank of India prior to completing the review process. In 2015, CalSTRS designated State Bank of India as
“Being Monitored” because of the intermittent nature of the holdings in the company and maintained the “Being Monitored” designation through 2017. In 2018, CalSTRS removed State Bank of India after several years of not having exposure to the company.

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India’s imports of Iranian oil may be hit from the end of August after the State Bank of India informed refiners it would not handle payments for the crude from November, the finance chief of Indian Oil Corp (IOC) said on Friday. (June 15, 2018).

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"India's largest lender State Bank of India has alerted all its offices on the pitfalls of dealing with companies carrying out trade with Russia and Ira, which are battling US sanctions." (6/2/2018).

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Lists a representative office in Tehran, Iran as of January 31, 2018.

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"State Bank of India will take suitable precautions to avoid possible U.S. sanctions due to any dealings with the blacklisted Hamburg-based European-Iranian Trade Bank AG, a senior Indian finance ministry official said Wednesday. The official didn't say what precautions SBI would take to avoid any potential U.S. action. 'We can look at making the temporary arrangement more permanent if it works out. An Indian delegation will be visiting Tehran soon to discuss the issue,' he said. The official was responding to concerns about a temporary channel just opened by New Delhi and Tehran for oil-related transactions for January crude. Under the arrangement, described Tuesday by another senior Indian official, Indian oil companies will open accounts with state-run SBI, which will in turn deposit the payments for Iranian crude with European-Iranian Trade Bank, or EIH Bank." (Wall Street Journal, "India Bank Seeks Way to Avoid Iran Sanctions," 1/6/11) 

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According to the report, "Iran's Dirty Banking," by Avi Jorisch, the State Bank of India:

  • Conducts business with designated Iranian banks
  • Provides services to UN3 Iranian banks
  • Provide ACUs to Iran
  • Holds Iranian accounts
  • Operating in Iran
  • Conducts business with U.S. banks to service 'deficient' Iranian banks