Saturday, 24 September 2016

Indian Banks' Association

Indian Banks' Association (IBA) was formed on 26 September 1946 as a representative body of management of banking in India operating in India - an association of Indian banks and financial institutions based in Mumbai. Initial membership was 22 members which has now expanded to 237 members as of December 28, 2015.

The members comprise of
  • Public Sector Banks
  • Private Sector Banks
  • Foreign Banks having offices in India
  • Co-operative Banks
  • Regional Rural Banks
  • All India Financial Institution

There are two classes of Members: Ordinary and Associate.
  • Ordinary Members:  Any Bank, Corporation, Company or Society Carrying on the business of, Banking in India and Governed by the Banking Regulation Act, 1949 shall be eligible to become an Ordinary Member of the Association, provided however:
    • that only those Foreign Banks shall be eligible to become Ordinary Members of the Association which are carrying on the business of banking in India through a branch as per the licence given by the Reserve Bank of India,
    • that only those Co-operative Banks shall be eligible to become Ordinary Members which are Urban Co-operative Banks, working funds of which are at least Rs.50 crores except that the existing Ordinary members not fulfilling the revised eligibility criteria may continue as such or may opt to be associate Members.

  • Associate Member : Any Society, Association or Organization, which, in the opinion of the Managing Committee is connected with the banking industry or any financial institution approved by the Managing Committee or any co-operative Bank or Foreign Bank having an office in India not eligible to become an Ordinary Member shall be eligible to become an Associate Member of the association.
It's main objective is:
  • To promote and develop in India sound and progressive banking principles, practices and conventions and to contribute to the developments of creative banking.
  • To render assistance and to provide various common services to Members and to the banking industry.
o     To develop and implement new ideas and innovations in banking services, operations and procedures.
o     To organize co-ordination and co-operation on procedural, legal, technical, administrative or professional problems and practices of banks and the banking industry.
  •  To initiate advance planning for introduction of new systems or services in the banking industry.
  • To collect, classify and circulate statistical and other information on the structure and working of the banking system.
  • To act as a clearing house for dissemination and exchange of statistical data, information, views and opinions on the systems, procedures and practices, and organization and methods of banks and on the structure, working and operations of the banking system

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