Indian Banks’ Association appoints Central Bank of India’s MV Rao as chairman

The managing director and chief executive officer of Central Bank of India, MV Rao was elected as the Chairman of Indian Banks’ Association (IBA).

The managing committee of the IBA made the decision on March 21, 2024, the Central Bank of India said in a statement. IBA is an industry lobby of banks in India.

The managing committee, at its meeting held on Thursday, said that State Bank of India Chairman Dinesh Kumar Khara will continue to be one of the three deputy chairmen. Meanwhile, Indian Bank Managing Director and Chief Executive SL Jain, and City Union Bank Managing Director and Chief Executive N Kamakodi are elected as the other two deputy chairmen of the lobby group.

Madhav Nair, Country Head & CEO of Bank of Bahrain and Kuwait, who was a deputy chairman earlier will now be the honorary secretary of the association.

Earlier this month, the IBA and bank unions had signed the 9th joint note and the final 12th bipartite settlement agreement which will lead to employees of public sector banks to receive a 17 per cent wage hike.

The total amount to be spent for wage revision works out to be Rs 12,449 crore for all banks, including State Bank of India. The wage revision will come into effect from November 1, 2022 for a period of five years, and the annual increase in salary and allowances will be 17 per cent of the annual pay slip expenses for FY22. The settlement covers 25 banks, including 12 public sector lenders, 10 private and three foreign banks.