IndusInd Bank bags mandate for Haj travel-related forex business

IndusInd Bank today said it had 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 second successive year that the private sector bank has bid for and won the mandate, a press release from the bank 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," Dr. Shakir Hussain, newly-appointed CEO of the Haj Committee of India, said.

Mr Ramesh Ganesan, Executive Vice-President and Head, Transactions Banking, IndusInd Bank, said it was a matter of prestige for the bank to be a part of this important activity for the second year in succession.

According to the release, it is estimated that nearly 115,000 pilgrims will go for the Haj this year from India under the Government quota. Apart from this, another 50,000 pilgrims are expected to go on the pilgrimage by making private arrangements.

NNN