T M Bhasin elected as Chairman of Indian Banks Association

T M Bhasin was elected as Chairman of Indian Banks Association (IBA) on 20 August 2014. He will be the Chairman of IBA for 2014-15.T M Bhasin is the chairman and managing director of Indian Bank.

K R Kamath, who is the chairman and managing director of Punjab National Bank, was the previous chairman of this Association. K R Kamath was chairman for two consecutive tenures, that is, 2012-13 and 2013-14.

Besides, Chanda Kochhar who is ICICI Bank's managing director, Arun Kaul, CMD of UCO Bank and S L Bansal who is the head of Oriental Bank of Commerce have been elected as the deputy chairpersons of the association. Arundhati Bhattacharya, chairperson of State Bank of India was elected as Honorary Secretary of IBA for 2014-15.

About Indian Banks Association

• The Indian Banks' Association (IBA) was formed on the 26 September 1946 with 22 members. As on 1 April 2014 IBA has 189 members.
• Homi P Mody was the First Chairman of IBA.
• IBA is an association of Indian banks and financial institutions. It is based in Mumbai.
• The members comprises of Public Sector Banks, Private Sector Banks, Foreign Banks having offices in India and Urban Co-operative Banks.

The Main Objectives of IBA

• To promote education and knowledge of the law and practice of banking.
• To promote and develop in India sound and progressive banking principles, practices and conventions and to contribute to the developments of creative banking.
• To organize co-ordination and co-operation on procedural, legal, technical, administrative or professional problems and practices of banks and the banking industry.
• To maintain close co-ordination and liaison with Reserve Bank of India, All Financial Institutions, Chambers of Commerce, Organisations of Banking Industry, Management or Educational Institutes, Universities and such other Organisations for realizing the subject and purposes of the Association.
• To promote harmonious personnel relations in banking industry and to devise ways and means for involving banking personnel in the endeavors of banks for growth and development of banking and the economy of the country.