Points to Remember:
- SBI’s head Rajnish Kumar has been elected as the chairman of the banking industry lobby Indian Banks Association for fiscal 2019-20.
- The body, which represents banks’ interests with the government and regulators, said it has three top bankers from various lenders as its deputy chairmen.
- An official statement said these include Union Bank of India’s G Rajkiran Rai, S S Mallikarjuna Rao of Punjab National Bank and Madhav Kalyan JP Morgan Chase Bank.
About Indian Banks’ Association (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 chairmen, 1 honorary secretary and 26 members.
Important Possible questions based on above News:
- Who has been elected as the chairman of the banking industry lobby Indian Banks Association for fiscal 2019-20? Rajnish Kumar
- Where is the headquarters of Indian Banks’ Association (IBA) located? Mumbai