Officials from Obama administration, on the condition of unanimity, has been quoted as saying, "If India fails to cut Iranian imports sufficiently, Obama may be compelled to bar access to the US banking system for any Indian bank processing oil payments through Iran's central bank."
US passed a new law targetting Iranian petroleum transaction. However, the country has not yet clearly issued any notice to other nations saying what percentage a nation must reduce its Iranian oil imports to qualify for an exemption from sanctions. Though US sources informed that the country (US) expects a cut by 15 percentage.
"The White House doesn't want to punish Japan, South Korea or India, critical US partners in trade and security and important regional counterweights to the rise of China," said the officials.
Meanwhile, the same officials claimed, "Still, the president (Barack Obama) has limited leeway to grant exemptions under the law, and so far, India hasn't demonstrated reductions."