Dear Readers,
With SBI PO, NIACL Assistant, BOB PO, Dena Bank PO, NICL AO and Bank of India, they all have a General Awareness section which is heavily filled with Banking Awareness Questions. Here we will discuss some terms related to Indian Banks' Association (IBA); it will help you prepare well for upcoming Banking or insurance Examinations.
Indian Banks' Association (IBA) set up in 1946 with22 members to discuss issues of common interests. Over the years, IBA emerged as the Voice of Indian Banking Industry. IBA adopts a consultative approach to give its views on any issue pertaining to the banking sector. The banks voice their views and reach a consensus for the common good of the industry while maintaining the competitive spirit. The policy of IBA is well received by all the stakeholders in the industry. To work proactively for the growth of a healthy, professional and forward-looking banking and financial services industry, in a manner consistent with the public good.
Effort of IBA-
1. Promote sound and progressive banking principles and practices.
2. Assist and provide common services to members.
3. Co-ordinate and co-operate on procedural, legal, technical, administration, professional matters.
4. Collate, classify and circulate statistical and other information.
5. Pool expertise towards common objectives of reduction in costs, increase efficiency, productivity and improve systems, procedures and banking practices.
6. Build Image of banking industry through publicity and public relations.
Managing Committee-
Managing Committee of the Association is its governing body, headed by the Chairman. It consists of 31 members, including Chief Executives, representing Public Sector, Private Sector, Foreign Banks, Co-operative Banks and State Bank of India. Members are elected at the Annual General Meeting and retire by rotation. Day to day administration of IBA is handled by a Chief Executive assisted by other officials.
Focus & Priorities of IBA
IBA has the wide range of consultations with:
1. The Government of India on policy related issues
2. Industry unions on wage negotiations and improving industrial relations
3. Members to encourage inter-bank co-operation and co-ordination
4. Foreign counterparts to widen the horizon and perspectives
5. Other trade bodies for better co-ordination
6. Its constituents and stakeholders for new initiatives
7. The Reserve Bank of India on regulatory issues
Associate Membership of IBA
Eligibility: Any society, association or organization connected with banking, or any financial institution or any co-operative bank or the foreign bank having an office in India and not eligible to become an Ordinary Member.
The Ordinary Members have the voting rights whereas Associate Members have no voting rights.
Associate Membership consists of:
1. Financial Institutions
2. Foreign Banks with their representative offices in India
3. Co-operative Banks and Entities
4. Asset Reconstruction Companies
5. Credit Rating Companies
6. Credit Guarantee Funds
7. Financial Services Companies
8. Payment & Settlement Services Companies
9. Training & Research Institutes
10. Associations & Federations
11. Factoring Companies
12. Development Banks
As on 28th December 2015 the total Membership of the Association is 237
Ordinary: 139
Associate: 98
Total: 237
The members comprise of:-
1. Public Sector Banks
2. Private Sector Banks
3. Foreign Banks having offices in India
4. Co-operative Banks and
5. Regional Rural Banks
Rajeev Rishi is present Chairman of IBA and its headquarter is in Mumbai.
- http://www.bankersadda.com/2017/05/banking-awareness-study-notes-indian.html
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