IndusInd Bank bags mandate for Haj travel-related Forex biz
Written by admin on July 29th, 2010 in Indian Forex.
India Thursday 29 July 2010: Private sector lender IndusInd Bank today said that it has received a mandate from the Haj Committee of India for distributing Saudi Riyal currency notes among all government-sponsored Haj pilgrims.
This is the second time that the bank has bid for this mandate, IndusInd Bank said in a statement.
It is estimated that this year, nearly 115,000 pilgrims will leave for Haj from India under the government quota. Apart from this, another 50,000 pilgrims are expected to go to Saudi Arabia from India under private quota, it said.
IndusInd Bank has emerged as a significant player in retail remittances, especially on payments coming from Middle-East countries, it said.
The bank works closely with over 45 partner exchange houses and banks for India-bound payments, it added.