IndusInd Bank has once again won the mandate from the Haj Committee of India to cater to the business of import and distribution of Saudi Riyal Currency notes for all government sponsored HAJ Pilgrims.
This is the 2nd time that IndusInd Bank had bid for this mandate (successful last year as well) and its success rate so far has been 100%. It won this mandate, pitched against other leading Indian banks, through a competitive bidding process.
At the occasion of signing the agreement, Dr. Shakir Hussain, newly appointed CEO of the HAJ Committee of India said “We would like to congratulate IndusInd Bank on this achievement and are confident that the Bank will be able to implement this mandate as efficiently as it managed it last year.”
Mr. Ramesh Ganesan, EVP & Head Transactions Banking at IndusInd Bank said “We would like to thank HAJ Committee of India for offering us this opportunity and appreciate the professional manner with which it conducts this. It is indeed a matter of prestige for IndusInd Bank to be a part of this important activity, 2nd year in succession.”
It is estimated that this year nearly 115,000 pilgrims will leave for HAJ from India, under the government quota. Apart from this government quota, it is expected that another 50,000 pilgrims from India will go under the private quota to Saudi Arabia.
IndusInd Bank has emerged as a significant player in the retail remittances especially on payments coming from Middle East countries. The bank has over 45 partner Exchange Houses & Banks it works closely with for India bound payments.
Also read: Romesh Sobti, Managing Director & CEO, IndusInd Bank
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