The Indian Banks' Association (IBA), formed on (26 September 1946), is an unregistered, voluntary association of like-minded banks and individuals in India[1]—a representative body of Indian banks and financial institutions based in Mumbai.[2] With an initial membership of 22 banks in India in 1946, IBA currently represents 247 banking companies operating in India. IBA was formed for the development, coordination, and strengthening of Indian banking and to assist the member banks in various ways, including the implementation of new systems and the adoption of standards among the members.[3][4]
Indian Banks' Association is managed by a managing committee, and the current managing committee consists of one chairman, 3 deputy chairmen, 1 honorary secretary and 26 members.
On 20 November 2020, Union Bank of India's MD and CEO Rajkiran Rai was elected as the new Chairman of IBA. Dinesh Khara, Chairman of State Bank of India; Madhav Nair, Country Head and CEO of Mashreq Bank; and S. S. Mallikarjuna Rao, MD and CEO of Punjab National Bank, were elected as deputy chairmen. Rakesh Sharma, MD and CEO of IDBI Bank, was elected as the Honorary Secretary for 2020–2021. The Chief Executive of IBA is Sunil Mehta, and chief executive Gopal Bhagat. On 14 October 2021, Managing Committee of IBA elected Shri Goel as Chairman of IBA.
Legal Structure
editThe Indian Banks' Association (IBA) is an unregistered, voluntary association of like-minded banks and individuals.[1] It lacks statutory recognition or legal incorporation. Established on September 26, 1946, initially comprising private banks, it later expanded its membership. Although some banks joined the public sector in 1970, the IBA's operations remained unchanged. Today, its members encompass a diverse range, including Public Sector Banks, Private Sector Banks, Foreign Banks, Urban Co-operative Banks, Asset Reconstruction Companies, Credit Rating Companies, Credit Guarantee Funds, Financial Services Companies, Credit Bureaus, and more.
Managing committee
editThe banks which are members of the managing committee of the IBA include:[5][6][7]
Public Sector Banks
edit- Bank of Baroda
- Bank of India
- Canara Bank
- Indian Bank
- Indian Overseas Bank
- Central Bank of India
- Punjab National Bank
- State Bank of India
- UCO Bank
- Union Bank of India
- Punjab & Sind Bank
- Bank of Maharashtra
Private Sector Banks
edit- HDFC Bank
- ICICI BANK LTD
- AXIS BANK LTD
- Bank of America
- Citibank
- City Union Bank
- JPMorgan Chase Bank
- Federal Bank
- Karnataka Bank
- Mashreq Bank
- Qatar National Bank
- South Indian Bank
- Standard Chartered Bank
Co-operative Sector Banks
edit- Saraswat Co-operative Bank Ltd
- NNSB - NAGPUR NAGARIK SAHAKARI BANK LTD Nagpur Nagarik Sahakari Bank Ltd.
- MAHESH BANK A. P. Mahesh Co-operative Urban Bank Ltd.
Payments Banks and Small Finance Banks
editReferences
edit- ^ a b Court Orders - RK Jain vs IBA (Page 5) (PDF). Archived from the original on 22 October 2020. Retrieved 17 September 2023.
{{cite book}}: CS1 maint: bot: original URL status unknown (link) - ^ "Indian Banks' Association". Iba.org.in. 23 April 2005. Archived from the original on 3 January 2012. Retrieved 4 November 2011.
- ^ Indian Banking 2020. Making the Decade's Promise Come True (PDF). Archived from the original (PDF) on 5 July 2016. Retrieved 1 August 2015.
{{cite book}}: CS1 maint: numeric names: authors list (link) - ^ Fair practice Standards. Fair Practice Code (PDF). Retrieved 1 August 2015.
- ^ "Managing Committee". Archived from the original on 1 December 2022. Retrieved 4 February 2020.
- ^ Times of India. "IBA to sign wage revision pact with banks unions". Retrieved 1 August 2015.
- ^ India Today. "Banks see Rs 4,725 cr outgo as staff get 15% wage hike". Retrieved 1 August 2015.
External links
edit- Official site Archived 19 December 2012 at archive.today
- [1]
- Five associate banks, BMB merge with SBI
- Rajnish Kumar is new IBA chairman
categories: Banking in India | Consumer protection in India
- [2] Archived 1 December 2022 at the Wayback Machine