The Reserve Bank of India (RBI) has said that it will assist Indian refiners to clear over USD 6.5 billion of past dues they owe to Iran for crude oil purchases, media reported.
As per reports, RBI has agreed to help create payment channels to clear the past dues.
Commenting on the issue, a Government Official told the media, "The central bank, which had previously facilitated payment of oil import bill to Iran, agreed to explore options currently available. RBI representative was part of the four-member delegation that visited Tehran on July 25 and 26."
"RBI will detail out the banking channels as well as payment schedule with its Iranian counterpart," he added.
As per reports, India is keen that the repayment of dues that have accumulated since February 2013 should be cleared in a staggered manner so as to avoid a run on the rupee.