Mr KC Chakrabarty deputy governor of the Reserve Bank of India said that India was still exploring options to resolve payment issues with Iran for its oil supplies.

In 2010, and in response to pressure from Washington, India's central bank scrapped a long standing clearance mechanism, triggering a scramble by importers to find a new way to pay for Iranian crude.

Indian officials are in Tehran exploring various options to keep paying for Iranian oil, as new US sanctions threaten to derail purchases by Asia's third largest crude consumer.

(Sourced from ET)