IBA stands for Indian Banks’ Association, which was constituted with the idea of creating a representative body to manage the banking operations in India. In simple terms IBA is the term given to the – “Association of Indian banks and financial institutions”. It came into existence on 26th September 1946.
CENTRE OF OPERATIONS of INDIAN BANKS’ ASSOCIATION (IBA)
The Indian Banks’ Association, or commonly known as IBA is headquartered in Mumbai, India. In other words, all its major operations are managed and centered in Mumbai.
PURPOSE of INDIAN BANKS’ ASSOCIATION (IBA)
IBA or the Indian Banks’ Association was mainly brought into existence with the idea of developing a management body which would be responsible for the growth, advancement, regulation, coordination and strengthening of Indian banks along with assisting the member banks in various ways including implementation of new systems and adoption of standards.
HEADS of IBA
Punjab National Bank’s MD & CEO was recently elected as the chairman of IBA on September 1, 2018.
State Bank of India’s chairman, Rajnish Kumar, and Federal Bank’s managing director, Shyam Srinivasan, will continue as deputy chairman of IBA.
AREA OF WORK of INDIAN BANKS’ ASSOCIATION (IBA)
Initially, in 1946 IBA used to represent 22 Indian banks. With regular growth and expansion of the banking sector, it now represents around 237 banking companies that are operating in India.
IBA performs a very crucial role in the management and development of the banking sector, facilitating smooth operations.
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