Mumbai: The Managing Committee of Indian Banks Association at its meeting held on October 18, 2019, elected Rajnish Kumar, Chairman, State Bank of India (SBI) as the Chairman, IBA for the term 2019-20. The other Office-bearers of the Association elected are: G Rajkiran Rai, Managing Director & CEO, Union Bank of India, S. S. Mallikarjuna Rao, MD & CEO, Punjab National Bank & Shri Madhav Kalyan, MD & CEO, JP Morgan Chase Bank, NA., Mumbai all three have been elected as deputy chairmen. Managing Director & CEO of IDBI Bank Ltd, Rakesh Sharma has been elected as Honorary Secretary of the Association for the year 2019-20.
About IBA: Indian Banks' Association (IBA), formed on 26 September 1946 as a representative body of management of banking in India operating in India – an association of Indian banks and financial institutions based in Mumbai. With an initial membership representing 22 banks in India in 1946, IBA currently represents 237 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and assist the member banks in various ways including implementation of new systems and adoption of standards among the members.
Indian Banks' Association is managed by a managing committee, and the current managing committee consists of one chairman, 3 deputy chairpersons, one honorary secretary and 26 members.