MV Rao elected chairman of Indian Bank Association

M.V. Rao, Managing Director and Chief Executive Officer (CEO) of the public sector bank, Central Bank of India, has been elected as the new chairman of the Indian Bank Association (IBA) for 2023-24.

M.V Rao will succeed Atul Kumar Goel, who is also the Managing Director and Chief Executive Officer of Punjab National Bank. Atul Kumar Goel was elected chairman of IBA in 2021-22 and again in 2022-23.

Other Office bearers of IBA for 2023-24

According to the IBA, the Managing Committee of the IBA, in a meeting on 21 March 2024, also elected various office bearers of the IBA for 2023-24.

Three newly elected  Deputy Chairman of IBA

• Dinesh Kumar Khara, Chairman of State Bank of India,
• Shanti Lal Jain, Managing Director and Chief Executive Officer of Indian Bank and 
• Dr.N.Kamakodi, Managing Director and Chief Executive Officer of City Union Bank.

Honorary Secretary of IBA

Madhav Nair, Country Head and Chief Executive Officer of the Bank of Bahrain and Kuwait,

Indian Bank Association

It is an association of Banks and Financial Institutions operating in India. 

On 26 September 1946, at a meeting of bankers in Bombay(now Mumbai), the Indian Bank Association was formed with 22 members.

According to the IBA, it has 247 members as of April 2018.

The IBA includes Public sector Bank., Private Sector Banks, Foreign Banks, Co-operatives, Regional Rural Banks, and All India Financial Institutions.

Main Functions of the IBA are :

• To promote and develop sound and progressive banking principles, practices, and conventions in India and to contribute to the development of creative banking.
• It plays a major role in helping the government of India formulate Human Resources policy for the banking sector, especially the public sector banks.
• It negotiates with public sector employee organisations to fix the wages of the employees. Normally, the government accepts the wages recommended by the IBA.

Headquarters: Mumbai, Maharashtra.

About M.V.Rao 

• M.V. Rao was appointed the Managing Director and  Chief Executive Officer of  the Central Bank of India on 1 March 2021. 
• M.V. Rao is a Postgraduate in Agriculture who began his professional career with erstwhile Allahabad Bank (now Indian Bank) in 1988. As Central Bank's Executive Director, he oversaw the smooth merger of Syndicate Bank with Canara Bank.
• M.V. Rao is also a Director on the Board of the Export-Import Bank of India -Exim Bank, United India Insurance Co. Ltd. 
• He is also Chairman of the Institute of Banking Personnel Selection (IBPS), Mumbai, and Vice Chairman of the Indian Institute of Banking & Finance (IIBF), Mumbai.
• He is also a Member of the Governing Board of the Indian Institute of Bank Management, Guwahati.