IndusInd Bank bags the mandate for Haj Business
August 10, 2009‐ Hyderabad, India
Hyderabad, August 10, 2009: IndusInd Bank has 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 going to Saudi Arabia this year.
This is the first time that IndusInd Bank had bid for this mandate and was successful in getting this mandate. There were other leading Indian banks as well who had bid for this mandate.
At the occasion of signing the agreement, Mr. Mohammed Owais, CEO of the Haj Committee of India said "We would like to congratulate IndusInd Bank on this achievement. This is the first time IndusInd Bank had participated in the bidding process & have come out winners. We are delighted to work with them & are confident that the Bank will be able to implement this efficiently."
Mr Ramesh Ganesan, EVP & Head Transaction Banking at IndusInd Bank said "We appreciate the transparency & professionalism of The Haj committee of India in the entire process of selection & would like to thank the Committee for offering us this opportunity. It is indeed a matter of prestige for IndusInd Bank to be a part of this activity."
He further added "By successfully bagging this deal in the wake of stiff competition, we have demonstrated our ability to offer solutions while addressing such niche business opportunities."
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 visitor's quota to Saudi Arabia.
IndusInd Bank is fast emerging as one of the key players in the Cross Border Remittances space with over 30 Exchange House partners in the GCC region alone.
About IndusInd Bank
IndusInd Bank Ltd. is one of the new-generation private-sector banks in India which commenced its operations in 1994. The Bank currently has a Network of 180 branches, spread over 147 geographical locations in 28 states and union territories across the country. Apart from this it also Operates through over 400 Satellite Location through IndusInd Marketing & Financial Services Ltd. The Bank also has a Representative Office each in Dubai and London.
The Bank is driven by state-of-the-art technology since its inception. It has multi-lateral tie-ups with other banks providing access to more than 18,000 ATMs for its customers. It enjoys clearing bank status for both major Stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. It also offers DP facilities for stock and commodity segments. The Bank has been bestowed with the mandate of being a Settlement Banker for tea auctions at Kolkata, Siliguri, Coonoor and Guhawati.
IndusInd Bank has been awarded the highest A1+ rating for its Certificates of Deposit by ICRA and the highest P1+ rating for its Fixed Deposits and Certificates of Deposit by CRISIL.
In recent past, the Bank was awarded The Smart Workplace Award by Economic Times in association with Acer and Intel for enhancing the productivity of the employees through optimum use of resources as well as technology.
Visit us at www.indusind.com
For more details on this release, contact: S N Pai, Executive Vice President, IndusInd Bank Ltd., +91 22 42217260 or Narayan Bhatt / Aarti Bhatt, Adfactors PR Pvt. Ltd., +91 22 22813565
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